S. Korean shares to move in tight range next week
Published : Aug 11, 2018 - 11:10
Updated : Aug 11, 2018 - 11:10
The benchmark Korea Composite Stock Price Index (KOSPI) closed at 2,282.79. points on Friday, slightly down from 2,287.68 points a week earlier.
The local stock market started mildly lower Monday as institutional and foreign buyers offloaded large-cap shares, mostly offsetting a massive selling spree by individuals.
Investors look at an electronic board showing stock information at a brokerage house in Shanghai, China, Thursday. (AP-Yonhap)
The index, however, turned around and closed higher for three sessions in a row as tech giant Samsung Electronics announced that it will invest 180 trillion won ($160 billion) over the next three years.
On Friday, the Seoul bourse again lost ground as foreign and institutional buyers offloaded holdings of large-cap tech shares amid a strong US dollar.
Next week, investors are likely to take a wait-and-see stance due to persistent worries over the trade war between the world's two largest economies and ahead of second-quarter earnings news from major firms.
"The KOSPI is forecast to move in the 2,250-2,330 range due to jitters surrounding a possible trade war and ahead of earnings reports for the second quarter," said Kim Byong-yeon, an analyst at NH Investment & Securities.
Analysts emphasized lingering worries over trade war tensions after Beijing announced on Wednesday that it would impose 25-percent tariffs on US goods starting August 23 in response to Washington's tariff move.
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