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Monday September 17, 9:04 AMSeoul shares edge higher on domestic econ hopesSEOUL, Sept 17 (Reuters) - Seoul shares edged up on Monday as sectors focused on domestic demand gained on data showing a surge in retail sales, although firms dependent on China such as POSCO fell after the country raised interest rates again.Samsung Electronics Co Ltd fell 1.1 percent to 550,000 won after Japan's Toshiba said it had been subpoenaed by the U.S. Justice Department on Friday as part of a probe into possible price-fixing in the U.S. flash memory market. [ID:nSEO36686] Trading was cautious ahead of the Federal Reserve's policy meeting on Tuesday, which is widely expected to result in U.S. interest cuts, although there is uncertainty about the size of the move. "The Korean economy is looking stronger than expected, and of course, that's having a positive effect," said Cho Seong-joon, an analyst at Meritz Securities. "But today and tomorrow, it's all going to be focused on the Fed's meeting. Everybody is expecting interest rate cuts but will want to wait and see," he added. The benchmark Korea Composite Stock Price Index (KOSPI) rose 0.2 percent to 1,874.53 points by 0040 GMT. Hyundai Department Store Co rose 3.5 percent to 103,500 won after data on Monday showed annual growth in sales at the top three department stores hit a 14-month high in August, reinforcing expectations for robust economic growth. [ID:nSEO130512] Kookmin Bank gained 2.8 percent to 74,500 won. Shares in the country's biggest lender had fallen 5.1 percent since Sept. 3. But sectors that have benefited from China's booming economic growth fell after the country raised interest rates for a fifth time on Friday, quickening the pace of monetary tightening days after inflation jumped to the highest level in nearly 11 years. [ID:nPEK134201] POSCO Co Ltd fell 0.8 percent to 607,000 won. Shares in the world's fourth-biggest steel maker hit a record on Friday, following a surge this year partly on expectations China's demand for commodities would keep global trade booming. Hyundai Heavy Industries Co fell 1.2 percent to 375,500 won. ($1=928.4 Won) |
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