ID :
183458
Sat, 05/21/2011 - 09:30
Auther :
Shortlink :
https://oananews.org//node/183458
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Seoul shares may rebound next week
SEOUL, May 21 (Yonhap) -- South Korean stocks are forecast to rise after ending in negative territory for a fourth straight week on hefty foreign sell-offs, analysts said Saturday.
The benchmark Korea Composite Stock Price Index (KOSPI) closed at 2,111.5 on Friday, down 0.4 percent from a week earlier.
The fall, one of the longest since five consecutive losing weeks in October-November 2009, was largely attributed to heavy foreign selling. Foreigners offloaded shares worth 1.29 trillion won (US$1.2 billion).
Steep falls in the KOSPI's main drivers, such as autos and chemicals, also weighed on the main stock index. Builders also underwent losses, retreating more than 5 percent.
Analysts, however, said the KOSPI may soon regain its upward strength.
"Market situations are tough. However, four straight weeks of losses indicate the KOSPI is nearing a rebound," said Daewoo Securities Co. analyst Lee Seung-woo.
A slowdown in the strengthening U.S. dollar may also soften foreigners' heavy selling, he added, recommending investors to pick up shares of tech and financials.
The benchmark Korea Composite Stock Price Index (KOSPI) closed at 2,111.5 on Friday, down 0.4 percent from a week earlier.
The fall, one of the longest since five consecutive losing weeks in October-November 2009, was largely attributed to heavy foreign selling. Foreigners offloaded shares worth 1.29 trillion won (US$1.2 billion).
Steep falls in the KOSPI's main drivers, such as autos and chemicals, also weighed on the main stock index. Builders also underwent losses, retreating more than 5 percent.
Analysts, however, said the KOSPI may soon regain its upward strength.
"Market situations are tough. However, four straight weeks of losses indicate the KOSPI is nearing a rebound," said Daewoo Securities Co. analyst Lee Seung-woo.
A slowdown in the strengthening U.S. dollar may also soften foreigners' heavy selling, he added, recommending investors to pick up shares of tech and financials.
