SEOUL, Nov 26 (Reuters) - Seoul shares are set to open higher on Thursday after gains overnight on Wall Street, but rises may be limited amid caution about the economic outlook and following weaker South Korean business sentiment data.

"Shares will probably open in positive territory today following recent losses. Yes there are concerns about where economies are headed, but we are still seeing some degree of continued improvement," said Lee Jae-mahn, a market analyst at Tong Yang Securities.

"While U.S. consumption may not pick up immediately, it is still definitely headed that way. Given the index's current level, we may expect at least a technical rebound," Lee added.

The Korea Composite Stock Price Index (KOSPI) finished 5.46 points higher at 1,611.88 points on Wednesday.

The main KOSPI's 60-day moving average is about 1,600 points, Thomson Reuters data showed.

Sentiment could be hit by data showing on Thursday that South Korean manufacturers' assessment of the business outlook for December fell for a second straight month, adding to growing concerns economic recovery momentum may slow in coming months.

Shares in Hynix Semiconductor may react to news late on Wednesday that major shareholders of the world's No.2 memory chip maker would put a controlling stake up for sale in an auction next month, valued at close to $3 billion. ----------------------MARKET SNAPSHOT @ 2254 GMT ------------

S&P 500 1110.63 0.45% 4.980
USD/JPY 87.34 -0.01% -0.010
10-YR US TSY YLD 3.2676 -- -0.037
SPOT GOLD 1192.1 0.15% 1.800
US CRUDE 77.96 0.00% 1.940
DOW JONES 10464.40 0.29% 30.69
ASIA ADRS 125.28 2.02% 2.48

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MARKET SUMMARY