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Monday, 9 August 2010 - Seoul shares rangebound; shipyards, banks outperform
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    Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World Seoul shares rangebound; shipyards, banks outperform Reuters - Monday, August 9 Send IM Story Print * Institutional buying helps KOSPI * Shipbuilders outperform on order news By Jungyoun Park SEOUL, Aug 9 - Seoul shares were rangebound on Monday, paring earlier losses on disappointing U.S. payroll data, as investor hopes for further stimulus measures from the Federal Reserve strengthened ahead of its meeting on Tuesday. The Korea Composite Stock Price Index <.KS11> was up 0.14 percent at 1,786.29 points as of 0129 GMT. "The U.S. payroll data was weak but hopes for further stimulus measures ahead of the U.S. Fed meeting are growing," said Bae Sung-young, a market analyst at Hyundai Securities. The Federal Reserve on Tuesday may send a clear signal it is prepared to print more money to support a faltering economic recovery if necessary.[ID:nN06209685] "The market will be pretty much rangebound around its 10-day moving average until the end of the Fed meeting," Bae added. The KOSPI's 10-day moving average is about 1,778 points. Foreign investors were sellers of a moderate 6 billion won worth of stocks, while institutions were buyers of a net 30.7 billion won. Shipbuilders outperformed, buoyed by news of a 294 billion won drillship order from STX Offshore & Shipbuilding <067250.KS>. STX Offshore gained 2.6 percent and Daewoo Shipbuilding & Marine Engineering <042660.KS> rose 3.3 percent. Shares in POSCO <005490.KS> declined amid concerns about the world's No.3 steelmaker's second half outlook and its Indian steel mill project. "As the company itself mentioned in its results announcement, its second half outlook is not so good," said Lee Jae-won, an analyst at SK Securities. The chief minister of the Indian state of Orissa has appealed to the prime minister to allow POSCO to continue work on a giant iron ore project after the environment ministry ordered a halt.[ID:nSGE67600L] "I do not think the appeals have made investors any more optimistic about the project. Delays have been dragging on for years now," Lee added. POSCO shares retreated 1.2 percent. Banking stocks outperformed. Shares in KB Financial Group <105560.KS> were up 1.8 percent and Shinhan Financial Group <055550.KS> rose 1.3 percent. Recommend Send IM Story Print Related Articles India car sales leap 38 percent in July AFP - 29 minutes ago India's July car sales hit record, hurdles ahead Reuters - 37 minutes ago Everbright Bank: no immediate plans for HK listing Reuters - 37 minutes ago Samsung Life FYQ1 net profit jumps 81 pct Reuters - 38 minutes ago Indonesia sells 2.9 trln rph sukuk to Haj Fund Reuters - 40 minutes ago News Search Top Stories Former HP boss reaches settlement with accuser Mia Farrow to challenge Naomi Campbell's testimony Onus shifts to US Fed after jobs slump Putin sows controversy with Russia grain ban Third spacewalk needed to fix station cooling system: NASA More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended Massive ice island breaks off Greenland glacier Sauna contest in Finland cut short as Russian dies 'Radioactive boars' on loose in Germany Putin sows controversy with Russia grain ban Mia Farrow to challenge Naomi Campbell's testimony More Most Viewed » Parachuting donkey shocks Russian beachgoers Argentine students crack three-decade-old murder mystery 40 US billionaires pledge half wealth to charity World's first full face transplant man appears on TV Calcium supplements linked to heart attacks: study More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos World Cup 2010

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