The South Korean stock market is expected to trade higher next week amid abated uncertainty over the U.S.’ tapering of quantitative easing, analysts said Saturday.

The benchmark KOSPI gained 2 percent Friday from a week earlier to close at 2,044.87.

Earlier this week, Seoul shares gathered ground on the back of a foreign-led buying rally amid abated concerns over a tapering of economic stimulus moves by the U.S. Federal Reserve.

The local stock market also remained bullish later in the week on the back of better-than-expected jobs data from the U.S. as well as from heightened hope over listed firms’ sales in the last month of the year.

Weekly foreign buying came to 350 billion won ($330.6 million), and institutions also scooped up a net 440 billion won.

Individuals, in contrast, offloaded a net 720 billion won.

“Seoul shares are expected to trade higher next week on rising hope for economic growth in 2014,” said Han Chi-hwan, a researcher at KDB Daewoo Securities Co. “The eased concerns over U.S. economic stimulus moves will lend support to growth.”

“It is unlikely that the Fed will seek a tapering of quantitative easing in December’s policy meeting,” Han added.

Shares gathered ground across the board this week, with brokerage houses rising 5.2 percent and mobile carriers adding 4.2 percent. Logistics shares added 3.6 percent. (Yonhap News)