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Seoul shares seen up; Daewoo Ship in focus
Reuters - 1 hour 11 minutes ago
SEOUL, Dec 29 - South Korean stocks may advance on Monday, helped by a firmer Wall Street and with institutional investors likely to scoop up local shares to boost year-end stock prices.
Market players are keeping an eye on Daewoo Shipbuilding <042660.KS> and Hanwha Corp <000880.KS> after the Korea Development Bank said it would grant a one-month delay in the sale of the shipbuilder to preferred buyer Hanhwa Group. But rises are expected to be limited by higher oil prices and data showing that consumer sentiment in Asia's fourth-largest economy tumbled to a decade low in December. [ID:nSEO277349]
"Higher U.S. stocks and institutions' efforts to lift year-end stock prices will support the overall market. But investors should remain conservative given rising oil prices," said Choo Hee-yeop, a strategist at Korea Investment & Securities.
On Friday, U.S. stocks rose in light volume as energy shares climbed alongside oil prices, while General Motors gained after its financing arm qualified for government funds, helping it stave off potential bankruptcy.
The Korea Composite Stock Price Index <.KS11> shed 0.94 percent to end at 1,117.86 points on Friday, falling for a fourth straight session. --------------------- MARKET SNAPSHOT @ 2249 GMT ------------
INSTRUMENT LAST PCT CHG NET CHG S&P 500 <.SPX> 872.8 0.54% 4.650 USD/JPY <JPY=> 90.66 -0.06% -0.050 10-YR US TSY YLD <US10YT=RR> 2.1335 -- 0.000 SPOT GOLD <XAU=> 866.8 0.00% 0.000 US CRUDE <CLc1> 37.71 0.00% 2.360 DOW JONES <.DJI> 8515.55 0.56% 47.07 ASIA ADRS <.BKAS> 91.31 1.90% 1.70 -------------------------------------------------------------
MARKET SUMMARY *US stocks mixed, Japan rises and oil rebounds [ID:nN26302435] *Oil above $37 on UAE supply cut, thin trade [ID:nSP423370] *Dollar rises vs yen as Japanese data disappoint [ID:nN26512886] *Treasuries gain on job losses, weak stocks [ID:nN02436440]
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