July 24th, 2008 | by admin |
SEOUL, July 24 (Reuters) - Seoul shares may advance onThursday after oil prices continued to slide, easing inflationworries, and U.S. financials gained on hopes of rescue plans fortroubled mortgage lenders.
Transporters and manufacturers such as Korean Air Line(003490.KS: Quote, Profile, Research, Stock Buzz) and Hyundai Motor (005380.KS: Quote, Profile, Research, Stock Buzz) are set to gain afterU.S. crude CLc1 fell to around $124 a barrel, easing the costburden on airlines and pointing to some improvement in consumersentiment.
Financials such as Kookmin Bank (060000.KS: Quote, Profile, Research, Stock Buzz) may also gainafter U.S. financials advanced overnight on hopes U.S. lawmakerswill approve a rescue plan for mortgage lenders such as FannieMae (FNM.N: Quote, Profile, Research, Stock Buzz) and Freddie Mac (FRE.N: Quote, Profile, Research, Stock Buzz).
The Korea Composite Stock Price Index closed up 1.96percent to 1,591.76 points on Wednesday, its highest close innearly three weeks. ----------------------MARKET SNAPSHOT @ 2241 GMT ------------
INSTRUMENT LAST PCT CHG NET CHG S&P 500 .SPX 1282.19 0.41% 5.190 USD/JPY <JPY=> 107.92 0.01% 0.010 10-YR US TSY YLD <US10YT=RR> 4.1204 -- 0.000 SPOT GOLD <XAU=> 920.45 0.08% 0.700 US CRUDE CLc1 124.49 0.04% 0.060 DOW JONES .DJI 11632.38 0.26% 29.88 ASIA ADRS .BKAS 149.04 0.85% 1.25 -------------------------------------------------------------
MARKET SUMMARY*Wall St rises on oil drop, housing plan optimism [ID:nN23456000]*Oil slips further amid worries over U.S. demand [ID:nN23297630]*Dollar rises on oil drop, housing bill [ID:nN23390016]*Treasuries slip as safety bids fade on stock gains[ID:nN23447748]
STOCKS TO WATCH
HYUNDAI MOTOR (005380.KS: Quote, Profile, Research, Stock Buzz)
Hyundai Motor is expected to report a small rise in quarterlyprofits thanks to higher sales and a weak currency onThursday.[ID:nSEO349828]
KT CORP (030200.KS: Quote, Profile, Research, Stock Buzz), KTF CO LTD (032390.KS: Quote, Profile, Research, Stock Buzz)
The head of fixed-line and broadband provider KT Corp hassaid full integration with mobile service unit KTF would be"desirable," a KT spokesman said on Wednesday.[ID:nSEO349139]
(Reporting by Park Jung-youn; Editing by Jonathan Hopfner)
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