September 22, 2013 / 11:50 PM / 4 years ago

REFILE-Seoul shares seen playing catch-up to Fed surprise after holidays

(Refiles to remove extraneous word from headline)
    SEOUL, Sept 23 (Reuters) - Seoul shares are seen higher on
Monday after a three-day holiday, playing catch-up to news of
the U.S. Federal Reserve's unexpected decision to keep its
bond-buying stimulus measures for now.
    The Fed defied investor expectations on Wednesday by
postponing the start of trimming its monthly $85 billion
bond-purchasing monetary stimulus, saying it wanted to wait for
more evidence of solid economic growth. 
    "Many, including myself, were caught off-guard by the Fed's
decision, but it simply re-confirmed their cautious stance
towards curbing (stimulus)," said Hyundai Securities analyst Bae
Sung-young. 
    Still, the market's upside may be limited given the global
markets have already reacted to the stimulus news last week,
with the focus now firmly on upcoming U.S. data for clues on
when tapering is likely to occur.
    The Fed's surprise is seen underpinning foreign inflows with
the bourse already enjoying offshore net buying for the 18th
consecutive session before markets shut from Sept. 18 to Sept.
20 for the Chuseok holiday break.   
    Foreign investors purchased 387.4 billion won ($357.37
million) worth of local shares on Tuesday alone. 
    The Korea Composite Stock Price Index (KOSPI) closed
0.4 percent down at 2,005.58 points on Tuesday. 
          
------------------MARKET SNAPSHOT @ 22:41 GMT-------------------
                  INSTRUMENT          LAST     PCT CHG   NET CHG
S&P 500                    1,709.91      -0.72%   -12.430
USD/JPY                       99.30         -0%     0.000
10-YR US TSY YLD         2.736        --         
0.000
SPOT GOLD                 $1,324.59      -0.05%    -0.620
US CRUDE                    $104.48      -0.26%    -0.270
DOW JONES                  15451.09      -1.19%   -185.46
ASIA ADRS                   147.84      -1.17%     -1.74
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>Wall St ends down as Fed officials weigh in                
>Bonds rise as market adjusts to Fed policy outlook        
>Dollar inches higher but prospects stay dreary           
>Brent crude rises, US falls in heavy spread trading       
    
    STOCKS TO WATCH
    AFFILIATES OF HYUNDAI GROUP
    Hyundai Group's affiliates Hyundai Merchant Marine Co Ltd
 and Hyundai Elevator Co Ltd will be
closely watched after North Korea unilaterally postponed a
reunion of war-torn families on Saturday, dealing a setback to
months of efforts to improve ties between the Korean neighbours.
 
    
    DAEWOO ENGINEERING & CONSTRUCTION CO LTD 
    Daewoo Engineering & Construction Co Ltd said on
Tuesday it won a 564.4 billion won ($521.49 million) order from
Japan's JGC Corp to build naphtha treatment and other
facilities for a refinery in Jazan, Saudi Arabia.
 

    
($1 = 1084.0250 Korean won)

 (Reporting by Jungmin Jang; Editing by Shri Navaratnam)

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