| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
 |
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
 |
advertisement | ||
Tuesday September 18, 7:20 AMSeoul shares may fall; on hold for Fed meetingSEOUL, Sept 18 (Reuters) - Seoul shares could fall on Tuesday, snapping a three-session winning streak, as global credit concerns sparked by trouble at a large British mortgage lender could hit financials such as Kookmin Bank .Concern that these credit woes will affect the global economy could also keep exporters such as Hyundai Motor Co under pressure, while fuel-sensitive stocks such as Korean Air Co could fall after oil prices surged to a record. Trading is expected to be quiet ahead of the Federal Reserve's policy meeting later, with investors widely expecting a cut in U.S. interest rates, though there is uncertainty about the size of the move. "Markets are on hold for the Fed, and we are likely to see high volatility ahead of the meeting," said Kim Joong-hyun, an analyst at Goodmorning Shinhan Securities. The benchmark KOSPI managed a 0.1 percent gain on Monday, though trading volumes were very light, bringing its advance over the prior three sessions to 3.2 percent. But domestic markets look vulnerable on Tuesday after a rush of savers to withdraw deposits at Britain's Northern Rock has again put the spotlight on global credit turmoil, and the potential impact on the consumer. [ID:nL14376511] The KOSPI had rebounded 15 percent since hitting a three-month intraday low on Aug. 17, though it is still well below its record 2,015.48 hit on July 26. Oil could also prove to be a concern, with U.S. crude futures soaring to a record near $81 a barrel overnight on worries that global energy supplies could shrink to critical levels this winter heating season due to strong demand growth. Little impact is expected after South Korea said on Monday talks between North Korea and regional powers on ending Pyongyang's atomic weapons programme will not be held on Sept. 19. [ID:nN17326322] STOCKS TO WATCH - S-Oil Corp The oil refiner will wait at least a couple of years to decide on whether to build a 480,000 barrels per day new refinery because of surging construction costs, its chief said on Monday. [ID:nSP306363] - Samsung Securities Co The brokerage said on Monday net profit in August almost doubled to 38.1 billion won ($41.05 million) from 19.3 billion won a year earlier, although that marked a 26.4 percent decline from July. - Korea Investment Holdings The financial services provider said on Monday net profit in August more than quadrupled to 27.5 billion won from 6.6 billion won a year earlier, though that marked a 21.9 percent fall from July. PREVIOUS CLOSE The benchmark Korea Composite Stock Price Index (KOSPI) rose 0.1 percent to end at 1,871.68 points, managing a third consecutive day of gains. The December KOSPI 200 futures index rose 0.3 point to 238.30, while the underlying KOSPI 200 spot index gained 0.2 point to 236.72. The junior and tech-heavy Kosdaq market rose 0.2 percent to finish at 784.75. The Dow Jones industrial average fell 0.3 percent to 13,403.42, while the tech-heavy Nasdaq composite lost 0.8 percent to end at 2,581.66. |
|||
|
Copyright © 2005 Reuters Limited. All rights reserved. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of Reuters Limited
|