Seoul shares seen up on US data, Wall Street gains
SEOUL: Seoul shares are likely to open higher on Monday helped by a strong US manufacturing data and after rallies on Wall Street.
"The market will probably start off in positive territory as better-than-expected US manufacturing data really gave the assurance about the economy that investors were looking forward to," said Y.S. Rhoo, a market analyst at Hyundai Securities.
US manufacturing grew at a surprisingly strong pace in June, suggesting that global economy is starting to shake off its recent weakness.
Hyundai Motor and Kia Motors may be lifted after posting strong US sales in June.
Hyundai Motor America said its sales during June grew 16 percent from a year ago, and Kia Motors America said its monthly sales jumped 44.1 percent from the same period a year earlier.
Crude oil refiners like S-Oil may be pressured after oil prices fell in US trade on Friday.
The Korea Composite Stock Price Index ended up 1.19 percent at 2,125.74 points on Friday.
Copyright Reuters, 2011
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