Seoul stock market expected to remain volatile next week

SEOUL, July 16 (Yonhap) -- South Korea's stock market is expected to face volatile sessions next week amid lingering woes over the debt crisis in Europe, analysts said Saturday.
   The country's key stock index, the KOSPI, lost 2.1 percent to close at 2,145.20 on Friday, weighed down by continuing concerns over the debt crisis in some European countries and growing uncertainties.
   "Next week sees continued volatile sessions as concerns over the debt crisis in Europe persists," said Lee Seung-woo, an analyst at Daewoo Securities.
   The analyst said concerns gripped the market this week that the sovereign-debt crisis will spread to Italy and Spain and rating companies may cut the U.S.'s top credit rating.
   "The local stock market weathered such negative factors well, but lingering woes will hamper the stock market from making any meaningful rebound."
   On Friday, the European Banking Authority said eight banks failed the European Union stress tests.
   Analysts said the publication of stress tests may reduce the uncertainty by showing which banks hold how much in bonds issued by Greece and other shaky eurozone governments.
   The Dow Jones industrial average fell 1.40 percent this week to close at 12,479.73 on Friday.
   The tech-heavy Nasdaq Composite shed 2.45 percent to 2,789.80 as well.