ID :
186406
Sat, 06/04/2011 - 12:00
Auther :
Shortlink :
https://oananews.org//node/186406
The shortlink copeid
S. Korean shares to gain further ground next week
SEOUL, June 4 (Yonhap) -- South Korean stocks are expected to continue their upward trend next week on a series of events that may keep market sentiments afloat, analysts said Saturday.
The benchmark Korea Composite Stock Price Index (KOSPI) closed this week at 2,113.47, up 0.63 percent from a week earlier.
The KOSPI lost ground at the beginning of the week, dipping to 2,093.79 on program and foreign sell-offs. The index rebounded to the 2,100 level Tuesday as foreign investors returned to the Seoul market.
Foreigners purchased a net 400 billion won (US$370.5 million) worth of local stocks this week, ending their month-long selling spree.
Analysts said the KOSPI will rise at a slower pace next week as a series of events could unsettle market sentiment.
Stock options and futures will expire on the last trading day of next week, known as a double witching day, which often sets off heavy trading.
"The market faces a double witching day next week, but movements in the market will not be too severe," said Shim Jae-yeop, an analyst from Shinhan Investment Corp. "But a move to maintain the 2,100 level will become stronger."
The Bank of Korea is also set to hold its monthly rate setting meeting next week, but is expected to freeze the key interest rate at the current 3 percent. Freezing of the key rate is usually favorable to the stock market.
"The KOSPI will show rather limited rebounds and slow growths than a strong and rapid rise," Lee Seung-woo, an analyst at Daewoo Securities Co. Ltd., said.
bdk@yna.co.kr
(END)
The benchmark Korea Composite Stock Price Index (KOSPI) closed this week at 2,113.47, up 0.63 percent from a week earlier.
The KOSPI lost ground at the beginning of the week, dipping to 2,093.79 on program and foreign sell-offs. The index rebounded to the 2,100 level Tuesday as foreign investors returned to the Seoul market.
Foreigners purchased a net 400 billion won (US$370.5 million) worth of local stocks this week, ending their month-long selling spree.
Analysts said the KOSPI will rise at a slower pace next week as a series of events could unsettle market sentiment.
Stock options and futures will expire on the last trading day of next week, known as a double witching day, which often sets off heavy trading.
"The market faces a double witching day next week, but movements in the market will not be too severe," said Shim Jae-yeop, an analyst from Shinhan Investment Corp. "But a move to maintain the 2,100 level will become stronger."
The Bank of Korea is also set to hold its monthly rate setting meeting next week, but is expected to freeze the key interest rate at the current 3 percent. Freezing of the key rate is usually favorable to the stock market.
"The KOSPI will show rather limited rebounds and slow growths than a strong and rapid rise," Lee Seung-woo, an analyst at Daewoo Securities Co. Ltd., said.
bdk@yna.co.kr
(END)
