Reuters: Financial Services and Real Estate: Seoul shares seen rangebound, China PMI may underpin market

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Seoul shares seen rangebound, China PMI may underpin market Apr 1st 2012, 23:39 Tweet Share this Email Print Sun Apr 1, 2012 7:39pm EDT SEOUL, April 2 (Reuters) - Seoul shares are seen trapped in a narrow range on Monday, but may edge higher after an acceleration in China's factory output in March eased worries of a slowdown in South Korea's biggest trading partner. "It's still going to be another quiet session on the market, following the lull we have seen in recent weeks," said Lee Kyung-soo, an analyst at Shinyoung Securities. "Earnings have come into focus, but expectations have been priced in and they won't be a source of much momentum barring a surprise when they are finally released," he said. Most earning reports are not due until later in April. China's big factories were surprisingly busy in March as a stream of new orders lifted activity to an 11-month high, but credit-constrained smaller manufacturers struggled, suggesting that the economy is still losing steam. The Korea Composite Stock Price Index (KOSPI) inched 0.02 percent lower to close at 2,014.04 on Friday, finishing with a 10.3 percent gain for the January-March period, its biggest quarterly advance in two-and-a-half years. -----------------MARKET SNAPSHOT @ 22:24 GMT------------------- INSTRUMENT LAST PCT CHG NET CHG S&P 500 1,408.47 0.37% 5.190 USD/JPY 82.83 -0.19% -0.160 10-YR US TSY YLD 2.214 -- 0.000 SPOT GOLD $1,672.69 0.29% 4.790 US CRUDE $103.49 0.46% 0.470 DOW JONES 13212.04 0.50% 66.22 ASIA ADRS 129.43 0.61% 0.79 --------------------------------------------------------------- >Wall St closes stellar quarter on up note >Bonds fall to end worst quarter since Q4 2010 >Euro gains vs dollar and yen on Spain cuts >Oil ends quarter up 14 pct on Iran, supply problem ---STOCKS TO WATCH--- **POSCO ** An Indian tribunal on Friday suspended the environmental licence for South Korean steelmaker POSCO's $12 billion steel project in the eastern state of Orissa, the country's biggest foreign direct investment. **HYUNDAI STEEL ** Hyundai Steel Co will issue 300 billion won ($264.77 million) of corporate bonds next week in an effort to shore up funds, according to local media reports citing industry sources. (Reporting by Joonhee Yu; Editing by Richard Pullin) 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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