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Seoul shares drift lower after market open

musiclover — Tue, 31 Jan 2012 00:36:46 +0000

Seoul shares opened slightly higher but dipped soon after the market open on Tuesday, as investors continued to take a breather in the wake of a four-week rally while awaiting clearer signals on the outlook of the global economy. The Korea Composite Stock Price Index (KOSPI) was down 0.02 percent at 1,940.14 points as of More >

Seoul awaits Chinese bonanza for Lunar New Year

musiclover — Tue, 30 Nov 1999 07:00:00 +0000

South Korean businesses are sprucing up to receive Chinese tourists during the Lunar New Year holidays, hoping the free-spending visitors bring a welcome boon to their otherwise slow business. Shops, hotels and restaurants in downtown Seoul put up new signs and banners inscribed with New Year greetings in Chinese, rearranged displays and hired Chinese speaking interpreters.

“Sales to Chinese tourists tripled in the past two years. This contributed greatly to the increase in our overall sales,” a spokesman for Lotte Duty Free shop in the busy Myeongdong commercial district said Saturday on YTN TV.

Seoul shares seen posting technical rebound

musiclover — Tue, 30 Nov 1999 07:00:00 +0000

Seoul shares are set for a
technical rebound on Tuesday but gains will be limited, with investors placing little hope in a concrete debt solution being reached at European Union meetings this week.

“Shares fell closer yesterday to the resistance level seen near 1,800. With neither favourable nor unfavourable new
developments of note in Europe, the market is likely to post a small rebound today and remain in the 1,800 to 1,900 range this week,” said Kwak Joong-bo, a market analyst at Samsung
Securities.

U.S. urges S.Korea to cut Iran petrochemical imports

musiclover — Tue, 30 Nov 1999 07:00:00 +0000

A senior U.S. official urged energy-starved South Korea to cut imports of Iranian petrochemicals and reduce crude oil imports from the Gulf state, as Washington applies more pressure on Tehran. Iran’s nuclear ambitions, its claim to have shot down a U.S. spy drone in its airspace on Sunday and last week’s storming of the British More >

Seoul shares seen up, support at 1,800 eyed

musiclover — Mon, 28 Nov 2011 23:44:19 +0000

Seoul shares may open modestly higher on Monday after falls last week, and are likely to test support around 1,800 points amid persistent concerns about the euro zone debt crisis and possible recession.

“We expect the market to move in positive territory today,
though upside momentum may not be strong,” said Lee Kyoung-soo,
a market analyst at KB Investment & Securities.

“The market saw quite a steep correction last week. We are
likely to see some efforts to rebound, though preference for
safer assets is still strong.”

A survey on Monday showing that confidence among South
Korean manufacturing companies toward the coming month hit a
four-month high may add support.

The Korea Composite Stock Price Index (KOSPI)
finished down 1.04 percent at 1,776.40 points on Friday, posting
the biggest weekly fall in 9 weeks.

Seoul shares seen higher as Italy fears wane

musiclover — Mon, 14 Nov 2011 22:03:19 +0000

Seoul shares are likely to open higher on Monday after the Italian Senate’s approval of economic reforms gave investors some relief from worries about the euro zone’s debt crisis and lifted Wall Street shares.
“The market will probably open higher after last week’s sharp falls and on positive developments in Italy and Greece over the weekend,” said Lee Seung-woo, a market analyst at Daewoo Securities.
Italy’s Senate approved economic reforms intended to reverse a collapse of market confidence on Friday, kicking off a rapid transition that will end the Berlusconi era and clear the way for an emergency government within days.
In Athens, former European Central Bank policymaker Lucas Papademos was sworn in as Greek prime minister after days of political wrangling, tasked with meeting the terms of bailout plan to avert bankruptcy.
The Korea Composite Stock Price Index (KOSPI) finished up 2.77 percent or 50.20 points at 1,863.45 points on Friday, but still fell 3.37 percent on the week, its biggest
weekly loss in seven.
“I am not overly optimistic. Global economies continue to struggle. The market’s gains may offer profit-taking opportunities,” Lee added.

Seoul shares seen cautious after gains

musiclover — Tue, 30 Nov 1999 07:00:00 +0000

Seoul shares may open cautiously on Monday with investors pausing after sharp gains in recent sessions, but better-than-expected South Korean economic data could lend stocks some support. “Shares will probably take a breather today following their latest gains. Some resistance is expected near the market’s 120-day moving average (of 1,967.50 points),” said Kim Young-june, a More >

Seoul mayor race becomes fiercer

musiclover — Tue, 25 Oct 2011 00:44:58 +0000

Ahn Cheol-soo, the 49-year-old IT mogul, has finally plunged into the mayoral campaign to support unified liberal candidate Park Won-soon ahead of Wednesday’s vote.

Ahn visited the headquarters of the liberal camp’s joint election committee Monday in Anguk-dong, Seoul, to declare his official support for Park.“I was cheering (for Park) though from a distance,” said Ahn.

“I believe he will govern the city based on common sense to enable every single citizen to dream of his or her future with self esteem. I believe the citizens will vote according to this standard of judgment.”

The political dark horse also handed a letter to Park calling for a high voter turnout.

In the letter, he referred to the election as “the symbol of participation,” citing African-American civil rights activist Rosa Park, who refused to give up her bus seat for a white passenger in Alabama in 1955, which became a tipping point for the modern civil rights movement.

“The power that brought change began with a small action,” wrote Ahn in the letter. “I ask people to go and vote with me.”

The entrepreneur-turned-professor revealed his intention to actively back Park, Sunday, as the polls showed a neck and neck competition between Park and his rival Na Kyung-won of the ruling Grand National Party (GNP).

Ahn’s declaration of support triggered a mixed response.

The liberal camp welcomed it, saying it will absorb the swing voters who have turned their back on Park after the GNP’s smear campaign.

“I admit that the effect won’t be as big as we think. But it is sure to play a crucial role in determining the winner as a slight change in voter sentiment is tremendous in a close race. Ahn’s support could bring back voters who have gone center-left,” said Rep. Lee Yong-sup, spokesman of the main opposition Democratic Party.

The liberal side also claims that Ahn’s sudden announcement of his support at the last minute would increase voter turnout among people in their 20s and 30s, which would be favorable to Park.

The GNP downplayed the effect of Ahn’s move.

“The Ahn factor has already been reflected in Park’s approval rating. It doesn’t have big implications,” said Na.

Tokyo rejects Seoul’s proposal on sex slaves

musiclover — Tue, 30 Nov 1999 07:00:00 +0000

The issue of Japan’s sexual enslavement of Korean women during World War II has been wholly settled, a senior Tokyo official said Monday, restating his government’s rejection of Seoul’s proposal for new talks on the matter.

It is an unchanged position of Japan that the issue has been settled under a 1965 bilateral pact, Shinsuke Sugiyama, director general of the foreign ministry Asian and Oceanic Affairs Bureau, told Korean reporters in Tokyo.

Seoul shares seen up, caution to persist

musiclover — Tue, 30 Nov 1999 07:00:00 +0000

Seoul shares may open higher on
Tuesday after firm gains on Wall Street and as sentiment swung
toward hope that European officials would find a way to cut
Greece’s debt and shore up European banks.

Eurozone officials are working to magnify the firepower of
the region’s rescue fund, a senior European Central Bank
policymaker said on Monday, while U.S. President Barack Obama
piled on pressure for Europe to staunch a sovereign debt crisis
that threatens the world economy.

“The market may start off positively, but direction this
week will be hard to forecast as it will largely depend on
developments in Europe and the United States,” said Kim
Young-june, a market analyst at SK Securities.