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Seoul shares seen rangebound as post-rally lull sets in
August 21, 2012 / 11:28 PM / 5 years ago

Seoul shares seen rangebound as post-rally lull sets in

SEOUL, Aug 22 (Reuters) - Seoul shares are expected to tread
water on Wednesday as investors wait to see if the European
Central Bank will move boldly to contain the euro zone debt
crisis, although sentiment remains robust on expectations of
eventual action.
    Hopes that the ECB will step in to ease borrowing costs for
Spain and Italy have helped the Korea Composite Stock Price
Index notch up a string three-month highs in August, although
the rally has sputtered since Friday on concerns that the market
has become overheated. 
    "With Spanish bond yields falling, a key volatility index in
the U.S. hitting multi-year lows, and foreign investors buying
South Korean stocks for 11 straight days, there is now very
little risk of a sharp downturn," Woori Investment & Securities
said in a note its clients.
    The Korea Composite Stock Price Index (KOSPI) fell
0.2 percent to close at 1,943.22 points on Tuesday.
-----------------MARKET SNAPSHOT @ 22:07 GMT------------------
                      INSTRUMENT     LAST     PCT CHG      NET
S&P 500                1,413.17    -0.35%       -4.960
USD/JPY                   79.25    -0.03%       -0.020
10-YR US TSY YLD     1.802      --          0.000
SPOT GOLD             $1,636.79    -0.07%       -1.100
US CRUDE                 $96.68     0.00%        0.000
DOW JONES              13203.58    -0.51%       -68.06
ASIA ADRS               120.42     0.02%         0.02
>Wall St slips after S&P 500 hits four-year high  
>Bonds little changed, ECB plans in focus         
>Euro hits 7-wk high on speculation ECB's action  
>Oil rises on euro zone hopes, supply worries      
Samsung Electronics Co said on Tuesday it will spend
about $4 billion at its chip plant in Austin, Texas, to renovate
an existing chip producing line and boost production of system
chips, widely used in popular smartphones and

 (Reporting by Joonhee Yu; Editing by Edwina Gibbs)

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