SEOUL, Dec 21 (Reuters) - Seoul shares are likely to open
moderately higher on Monday after mild gains on Wall Street, with
shares in Hyundai Motor likely to be followed after
news of its China joint venture agreement on Sunday.
'Shares will probably open higher given U.S. shares' rises, but as markets lack compelling positive factors, gains will probably be limited,' said Choi Kwang-hyeok, a market analyst at Hanwha Securities.
Choi added that the main index was projected to move within a boxed range through the remainder of this year, but could hit as high as 1,700 points in January amid new-year optimism.
The main index's 60-day moving average is about 1,620 points.
Shares in Hyundai Motor could be tracked after South Korea's top automaker said it had signed an initial agreement to create a commercial vehicle joint venture with China's Baotou Bei Ben Heavy-Duty Truck Co, with a total investment of $400 million.
Memory chip makers including Hynix Semiconductor could be lifted by gains in the key U.S. semiconductor index , but shipbuilders such as Daewoo Shipbuilding & Marine Engineering could come under pressure on losses in Baltic Dry Index, which tracks the cost of shipping key commodities.
Hyix may be closely monitored after its top shareholder said on Sunday it was seen capable of higher than expected capital expenditure of 2.3 trillion won ($2 billion) next year.
The Korea Composite Stock Price Index (KOSPI) finished down 0.80 points at 1,647.04 points on Friday.
----------------------MARKET SNAPSHOT @ 2254 GMT ------------
INSTRUMENT LAST PCT CHG NET CHG S&P 500 1102.47 0.58% 6.390 USD/JPY 90.64 0.34% 0.310
10-YR US TSY YLD 3.5463 -
0.000 SPOT GOLD 1112.25 0.00% 0.000 US CRUDE 73.36 0.00% 0.710 DOW JONES 10328.89 0.20% 20.63 ASIA ADRS 125.58 0.44% 0.55 MARKET SUMMARY *Dollar, oil gain after Iran-Iraq oilfield row *Wall Street ekes out gain on banks, materials *Oil rises, snaps six-day slide on gasoline buying *Bonds fall on profit-taking after rally
STOCKS TO WATCH
POSCO
The world's No.4 steelmaker said late on Friday it would acquire a 70 percent stake in a planned Indonesian steel mill for 765.3 billion won ($651.2 million).
SAMSUNG ELECTRONICS
Japan's Sharp Corp said it had won an LCD patent lawsuit against Samsung Electronics in the Netherlands, the latest development in a string of suits and countersuits over display panel industry.
(Reporting by Jungyoun Park; Editing by Jonathan Hopfner) ((If you have a query or comment on this story, send an email 1to news.feedback.asia@thomsonreuters.com) Keywords: MARKETS KOREA STOCKS/ (jungyoun.park@reuters.com; +82 2 3704 5643; Reuters Messaging; jungyoun.park.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
'Shares will probably open higher given U.S. shares' rises, but as markets lack compelling positive factors, gains will probably be limited,' said Choi Kwang-hyeok, a market analyst at Hanwha Securities.
Choi added that the main index was projected to move within a boxed range through the remainder of this year, but could hit as high as 1,700 points in January amid new-year optimism.
The main index's 60-day moving average is about 1,620 points.
Shares in Hyundai Motor could be tracked after South Korea's top automaker said it had signed an initial agreement to create a commercial vehicle joint venture with China's Baotou Bei Ben Heavy-Duty Truck Co, with a total investment of $400 million.
Memory chip makers including Hynix Semiconductor could be lifted by gains in the key U.S. semiconductor index , but shipbuilders such as Daewoo Shipbuilding & Marine Engineering could come under pressure on losses in Baltic Dry Index, which tracks the cost of shipping key commodities.
Hyix may be closely monitored after its top shareholder said on Sunday it was seen capable of higher than expected capital expenditure of 2.3 trillion won ($2 billion) next year.
The Korea Composite Stock Price Index (KOSPI) finished down 0.80 points at 1,647.04 points on Friday.
----------------------MARKET SNAPSHOT @ 2254 GMT ------------
INSTRUMENT LAST PCT CHG NET CHG S&P 500 1102.47 0.58% 6.390 USD/JPY 90.64 0.34% 0.310
10-YR US TSY YLD 3.5463 -
0.000 SPOT GOLD 1112.25 0.00% 0.000 US CRUDE 73.36 0.00% 0.710 DOW JONES 10328.89 0.20% 20.63 ASIA ADRS 125.58 0.44% 0.55 MARKET SUMMARY *Dollar, oil gain after Iran-Iraq oilfield row *Wall Street ekes out gain on banks, materials *Oil rises, snaps six-day slide on gasoline buying *Bonds fall on profit-taking after rally
STOCKS TO WATCH
POSCO
The world's No.4 steelmaker said late on Friday it would acquire a 70 percent stake in a planned Indonesian steel mill for 765.3 billion won ($651.2 million).
SAMSUNG ELECTRONICS
Japan's Sharp Corp said it had won an LCD patent lawsuit against Samsung Electronics in the Netherlands, the latest development in a string of suits and countersuits over display panel industry.
(Reporting by Jungyoun Park; Editing by Jonathan Hopfner) ((If you have a query or comment on this story, send an email 1to news.feedback.asia@thomsonreuters.com) Keywords: MARKETS KOREA STOCKS/ (jungyoun.park@reuters.com; +82 2 3704 5643; Reuters Messaging; jungyoun.park.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.