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Seoul shares seen under pressure on currency moves, earnings
January 29, 2013 / 11:44 PM / 5 years ago

Seoul shares seen under pressure on currency moves, earnings

SEOUL, Jan 30 (Reuters) - Seoul shares are likely to remain
under pressure on Wednesday despite a rebound in the previous
session, as concerns linger about a firmer local currency, weak
corporate earnings and a foreign selloff.  
    Bargain-hunting lifted the auto and tech sectors the
previous day, with the Korea Composite Stock Price Index (KOSPI)
 gaining 0.8 percent to close at 1,955.96 points,
snapping four straight days of losses. 
    "The KOSPI is likely to move rangebound and test its
resistance in the 1,950-point level. The market has priced in a
series of negative news, but it will be difficult to rebound
sharply," said Oh Hyun-seok, an analyst at Samsung Securities. 
    South Korean industrial output in December beat expectations
to grow for a fourth consecutive month from November, while the
seasonally adjusted current account surplus fell to an 8-month
low in Asia's fourth-biggest economy, data showed on Wednesday.
  
------------------MARKET SNAPSHOT @22:28 GMT----------------- 
                 INSTRUMENT    LAST    PCT CHG  NET CHG    
S&P 500               1,507.84     0.51%    7.660    
USD/JPY                  90.73       -0%    0.000    
10-YR US TSY YLD    1.999      --      0.034    
SPOT GOLD            $1,663.15    -0.02%   -0.300    
US CRUDE                $97.57     1.17%    1.130    
DOW JONES             13954.42     0.52%    72.49    
ASIA ADRS              135.39     1.36%     1.82    
-------------------------------------------------------------
>Wall St advances as defensive stocks extend rally  
>Treasury prices dip as investors seek to pay less  
>Euro advances as euro zone prospects brighten      
>Positive U.S. housing data pushes oil prices up    

---STOCKS TO WATCH---  
      
    **SK HYNIX **
    The chipmaker posted a weaker than expected operating profit
for the December quarter in results released before the opening
bell on Wednesday, as weak sales of personal computers
outweighed strong demand from mobile device makers.
 
         
    **POSCO ** 
    The world's No.5 steelmaker by output, reported a 51 percent
slump in quarterly operating profit on Tuesday as tepid demand
and falling prices offset lower raw material costs, helped by a
firmer local currency. The firm also forecast its 2013 sales may
drop 10 percent to 32 trillion won ($29.3 billion).
 


 (Editing by Richard Pullin)

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