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Seoul shares seen lower on US budget impasse; tech shares eyed
October 7, 2013 / 11:40 PM / 4 years ago

Seoul shares seen lower on US budget impasse; tech shares eyed

SEOUL, Oct 7 (Reuters) - Seoul shares are expected to track
global markets lower  on Tuesday, as investors fret about a
week-long U.S. government shutdown, with deadlocked policymakers
only 10 days from a critical need to raise the U.S. debt
    "The fall, however, could be limited if the rise in tech
shares hold up, and foreign inflows continue," said Hyundai
Securities analyst Bae Sung-young.
    The Korea Composite Stock Price Index (KOSPI) has
been supported around the 2,000 mark for the past month on
buying from foreign investors. Since Friday, slightly better
than forecast third-quarter earnings from Samsung Electronics Co
Ltd have also underpinned the market.
    The index ended 0.1 percent lower at 1,994.42 on Monday, its
lowest close since Sept.13.
    Foreigners extended their net buying streak to a 28th
consecutive session on Monday, purchasing 226.3 billion won
($211 million) worth of local shares. That brought their total
purchases for the period to a net 10.2 trillion won.
    Samsung, LG Electronics Inc and SK Hynix Inc
 all rose over 1 percent on Monday.
    Shipping issues such as Hanjin Shipping Co Ltd 
may outperform the broader market after the Baltic dry index,
which measures the cost of shipping key commodities, posted a
1.5 percent gain overnight.
------------------MARKET SNAPSHOT @ 22:40 GMT-------------------
                  INSTRUMENT         LAST    PCT CHG     NET CHG
S&P 500                   1,676.12     -0.85%     -14.380
USD/JPY                      96.66     -0.03%      -0.030
10-YR US TSY YLD        2.630       --         0.000
SPOT GOLD                $1,321.81      0.04%       0.520
US CRUDE                   $103.13      0.10%       0.100
DOW JONES                 14936.24     -0.90%     -136.34
ASIA ADRS                  145.26     -1.33%       -1.95
>Wall St falls as no progress seen to resolve shutdown      
>Prices up as U.S. govt shutdown seen hurting economy      
>Dollar falls, pressured by U.S. budget deadlock          
>Brent rises,U.S. oil recoups losses after pipeline resumes 
    LG Electronics' display unit, LG Display, said on Monday it
will start mass production of curved smartphone displays as the
South Korean phone maker plans to launch a smartphone with the
new screens next month to catch bigger rival Samsung
    KTB Investment is to carry out a large-scale restructuring
that could result in 30 percent of its workforce being laid off,
according to local media on Monday.
($1 = 1071.5250 Korean won)

 (Reporting by Jungmin Jang; Editing by Edwina Gibbs)

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