July 25th, 2008 | by admin |
SEOUL, July 25 (Reuters) - Seoul shares are set for a weakstart on Friday after U.S. peers tumbled overnight on revivedworries about the U.S. housing market slump, while oil's reboundfrom a seven-week low may also add to downward pressure.
Results from South Korea's biggest firm Samsung Electronics(005930.KS: Quote, Profile, Research, Stock Buzz) are the centrepiece of a raft of quarterly earningson Friday including numbers from Kia Motors (000270.KS: Quote, Profile, Research, Stock Buzz), andtelecoms companies KT (030200.KS: Quote, Profile, Research, Stock Buzz) and KTF (032390.KS: Quote, Profile, Research, Stock Buzz).
South Korean financial issues such as Kookmin Bank(060000.KS: Quote, Profile, Research, Stock Buzz) and Shinhan Financial Group (055550.KS: Quote, Profile, Research, Stock Buzz) may declineafter their Wall Street peers dropped on Thursday after datashowed June sales of existing homes hit a 10-year low.
Shares in transporters and manufacturers such as Korean AirLine (003490.KS: Quote, Profile, Research, Stock Buzz) and Hyundai Motor (005380.KS: Quote, Profile, Research, Stock Buzz) may also retreatafter U.S. crude climbed to settle at around $125.49 a barrel.
"Shares will probably take a breather after yesterday'sgains, especially since U.S. stocks fell quite steeply," saidSung Jin-kyung, a market analyst at Daishin Securities.
The Korea Composite Stock Price Index closed up 2.16percent to 1,626.14 points on Thursday, the highest finish sinceJuly 1, with foreigners net buyers for the first time since June5. ----------------------MARKET SNAPSHOT @ 2245 GMT ------------
INSTRUMENT LAST PCT CHG NET CHG S&P 500 .SPX 1252.54 -2.31% -29.650 USD/JPY <JPY=> 107.4 0.03% 0.030 10-YR US TSY YLD <US10YT=RR> 4.0007 -- 0.000 SPOT GOLD <XAU=> 927.6 0.12% 1.100 US CRUDE CLc1 125.51 0.02% 0.010 DOW JONES .DJI 11349.28 -2.43% -283.10 ASIA ADRS .BKAS 145.77 -2.19% -3.27 -------------------------------------------------------------
MARKET SUMMARY*Wall Street tumbles, led by financials [ID:nN24315900]*Dollar slides vs yen as US data, stocks weigh [ID:nN24317935]*Oil rebounds from seven-week low [ID:nSP130435]*Treasuries rise as data, stocks renew safety bid [ID:nN24329061]
STOCKS TO WATCH
SAMSUNG ELECTRONICS (005930.KS: Quote, Profile, Research, Stock Buzz)
The world's No.1 memory chip maker is set to report a strongset of earnings on Friday, with net profit estimated to be 2.30trillion won ($2.28 billion) versus 1.42 trillion won a year ago.
HANA FINANCIAL GROUP (086790.KS: Quote, Profile, Research, Stock Buzz)
South Korea's No.4 banking group said on Thursday its bankingunit would invest 329.6 billion won ($327 million) to take a 19.7percent stake in the Bank of Jilin in China.[Id:nSEO269795]
($1=1009.7 Won)
(Reporting by Park Jung-youn; Editing by Keiron Henderson)
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