Markets

Seoul shares seen opening down on weak US jobs data

SEOUL : Seoul shares may open weaker on Monday, taking a cue from soft US markets, as disappointing US jobs data a

Published July 11, 2011 Updated July 11, 2011 04:10am

1 min

By Imad Uddin

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"The market will come under pressure again due to overseas macroeconomic factors," said Kim Byung-yeon, an analyst at Woori Investment & Securities.

"But losses will be limited, as investors are also taking positive views on the global economy and are betting China's inflation has peaked and is set to ease...recent underperformers such as energy stocks are likely to support the downside."

Seoul shares have risen for three consecutive weeks, adding around 8 percent, led by blue chip issues such as Samsung Electronics and Hyundai Motor.

US stocks fell on Friday as a weak jobs report dashed optimism that the economy was emerging from a soft patch, leaving investors to hope earnings season would revive an appetite for buying.

The Korea Composite Stock Price Index (KOSPI) ended down 0.01 percent to 2,180.35 points on Friday.

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