Reuters: Financial Services and Real Estate: Seoul shares seen recovering on China easing

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Seoul shares seen recovering on China easing May 13th 2012, 23:35 Tweet Share this Email Print Sun May 13, 2012 7:35pm EDT SEOUL, May 14 (Reuters) - Seoul shares are seen opening higher on Monday, recovering from a 3-1/2 month low after signs of economic weakness prompted China, South Korea's largest trading partner, to free up more funds for banks to lend out. China's central bank cut the amount of cash that banks must hold as reserves on Saturday, freeing an estimated 400 billion yuan ($63.5 billion) for lending after data on Friday showed the economy weakening, not rebounding as many had expected. "The news of China's reserve ratio cut may be enough for bottom-fishing investors to seek bargains," said Kwak Jung-bo, an analyst at Samsung Securities. China, Japan and South Korea agreed at a summit on Sunday to launch negotiations for a three-way free trade pact they said could help fend off global economic chills, but the talks are expected to be long and difficult because of decades of rivalry. Greece's anti-austerity leftist leader spurned an invitation from the president for a final round of coalition talks on Monday, all but ensuring a new election that he is poised to win. The Korea Composite Stock Price Index (KOSPI) fell 1.43 percent to close at 1,917.13 points on Friday, posting its worst trading week of 2012. ------------------MARKET SNAPSHOT @ 22:19 GMT------------------- INSTRUMENT LAST PCT CHG NET CHG S&P 500 1,353.39 -0.34% -4.600 USD/JPY 79.92 -0.05% -0.040 10-YR US TSY YLD 1.841 -- 0.000 SPOT GOLD $1,578.89 0.04% 0.590 US CRUDE $95.50 -0.66% -0.630 DOW JONES 12820.60 -0.27% -34.44 ASIA ADRS 120.36 -0.92% -1.12 ---------------------------------------------------------------- >Banks hit by JPMorgan; Wall St ends week lower >Prices up on Europe worries, US banks >Euro near 3-1/2-month low vs dollar on Greece >Oil dip as China data outweighs upbeat US consumers ---STOCKS TO WATCH--- **DAEWOO SHIPBUILDING & MARINE ENGINEERING ** Daewoo Shipbuilding said in a regulatory filing that a Nigerian court of appeal had ruled in favor of the company and the South Korean consortium of which is a part, overturning a Nigerian government decision to nullify its deal to develop an oil field in the country. **SK NETWORKS ** SK Networks reported to the Korea Exchange on Friday that it was mulling the sale of a stake it holds in SK Securities Co but that no decision had yet been made. (Reporting by Joonhee Yu; Editing by Jonathan Hopfner) Tweet this Link this Share this Digg this Email Reprints Comments (0) This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

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