Reuters: Financial Services and Real Estate: Seoul shares seen higher on global stimulus hopes

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Seoul shares seen higher on global stimulus hopes Jun 6th 2012, 23:22 Tweet Share this Email Print Wed Jun 6, 2012 7:22pm EDT SEOUL, June 7 (Reuters) - Seoul shares are seen opening higher on Thursday, tracking gains in global stocks on hopes that major central banks could take decisive action to stimulate the sputtering global economy. "Although there were no overt hints of immediate action from the European Central Bank, investors feel that the overall tone of global policymakers is accommodative of a breakthrough at the U.S. FOMC and EU leaders' summit scheduled later in the month," said Rhoo Yong-suk, an analyst at Hyundai Securities. A Federal Reserve official sounded more inclined to consider further stimulus for the U.S. economy, and while the European Central Bank left policy interest rates unchanged, its president Mario Draghi noted "increased downside risks to the economic outlook," supporting hopes of easing later. Markets may also find support on signs of an urgent move by Germany and the European Union to find ways to rescue Spain's troubled banks. The Korea Composite Stock Price Index (KOSPI) rose 1.05 percent to close at 1,801.85 points on Tuesday. South Korean financial markets were closed on Wednesday in observance of Memorial Day. ------------------MARKET SNAPSHOT @ 22:34 GMT------------------- INSTRUMENT LAST PCT CHG NET CHG S&P 500 1,315.13 2.3% 29.63 USD/JPY 79.33 0.14% 0.110 10-YR US TSY YLD 1.661 -- 0.000 SPOT GOLD $1,620.74 0.20% 3.310 US CRUDE $85.59 0.67% 0.570 DOW JONES 12414.79 2.37% 286.84 ASIA ADRS 113.08 2.69% 2.96 ---------------------------------------------------------------- >Wall St climbs 2 pct on talk of Spain solution >US Treasuries dip as easing talk hurts safety bid >Euro jumps on ECB rate decision >Brent crude above $100 on euro zone hopes ---STOCKS TO WATCH--- **KIA MOTORS CORP ** Kia Motors is recalling 72,568 Rio small cars in the United States to address a potential sensor problem that could lead to the front passenger airbag deploying unnecessarily. **DAEWOO SHIPBUILDING & MARINE ENGINEERING CO LTD ** Malaysian state oil firm Petronas has awarded the engineering, procurement, construction, installation and commissioning (EPCIC) portion of its first commercial floating liquefied natural gas (LNG) project to a consortium comprising Technip SA and Daewoo Shipbuilding & Marine Engineering Co Ltd. (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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