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Seoul shares seen lower as Syria concerns escalate
August 27, 2013 / 11:38 PM / 4 years ago

Seoul shares seen lower as Syria concerns escalate

SEOUL, Aug 28 (Reuters) - Seoul shares are set to fall on
Wednesday, tracking weaker global markets on heightened
geopolitical uncertainty ahead of a possible U.S.-led military
strike against the Syrian government.
    Global markets fell after Western sources who attended a
meeting in Istanbul said "action to deter further use of
chemical weapons by the Assad regime could come as early as in
the next few days."  
    "Today, the market will be consumed by developments in
Syria," said E-Trade Securities analyst Choi Kwang-hyeok.
"Though it is seen to be temporary, investors will concentrate
on safe-haven assets rather than riskier equities."
    Choi said Hyundai Motor Co may benefit from a
rise in the safe-haven yen. A strong yen tends to put
South Korean exporters at an advantage against their Japanese
rivals in overseas markets. 
    However, the automaker faces further industrial action after
its South Korean union said on Tuesday that members plan to
extend a partial strike by another two days after the latest
round of wage talks failed to produce an agreement.
    The Korea Composite Stock Price Index (KOSPI) fell
0.1 percent to 1,885.84 points on Tuesday, after rising as much
as 0.5 percent earlier in the day.

------------------MARKET SNAPSHOT @ 22:35 GMT-------------------
                  INSTRUMENT        LAST      PCT CHG    NET CHG
S&P 500                  1,630.48       -1.59%    -26.300
USD/JPY                     97.12         0.1%      0.100
10-YR US TSY YLD       2.709         --        0.000
SPOT GOLD               $1,416.35        0.02%      0.310
US CRUDE                  $109.51        0.46%      0.500
DOW JONES                14776.13       -1.14%    -170.33
ASIA ADRS                 137.46       -1.23%      -1.72
>Wall St posts worst day since June on Syria concerns       
>U.S. bond prices rise as Syria fears fuel safety bid      
>Yen,Swiss franc rise as Syria fear spur demand for safety 
>Brent hits 6-month high as West weighs strike on Syria    
    Conglomerate Hyundai Group's affiliates Hyundai Merchant
Marine Co Ltd and Hyundai Elevator Co Ltd
 shares will be closely watched after South Korean
government proposed to Pyongyang on Tuesday to hold talks about
resuming tours to Mt. Kumkang in North Korea on Oct. 2. Hyundai
Group operated the tourism project until it was shuttered in
2008 after a South Korean tourist was found dead during a tour. 

 (Reporting by Jungmin Jang; Editing by Richard Pullin)

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