ID :
211760
Sat, 10/08/2011 - 05:10
Auther :
Shortlink :
https://oananews.org//node/211760
The shortlink copeid
S. Korean stocks likely to gain ground on brisk earnings outlooks
SEOUL (Yonhap) - South Korean shares are expected to gain some ground next week on brisk outlooks for corporate earnings but uncertainties from the eurozone debt problems remain a drag on investor sentiment, analysts said Saturday.
The benchmark Korea Composite Stock Price Index (KOSPI) closed at 1,759.77 on Friday, down 9.88 points or 0.56 percent from a week earlier. The index suffered ups and downs amid growing concerns of a possible Greek default.
A credit downgrade on Italy by Moody's and growing worries over double-dip recessions in major economies amplified the fluctuations. On Tuesday and Wednesday, the index lost more than 100 points.
But the European Central Bank's decision to supply more liquidity into the financial system and some improved economic indicators for the U.S. helped the index bounce back later in the week.
Hopes for strong corporate earnings also lifted the market. Samsung Electronics, in particular, boosted investor sentiment by unveiling a third-quarter earnings estimate on Friday that beat market expectations.
"The market could stay on such a positive path up until the middle of next week," said Lee Seung-woo, an analyst at Daewoo Securities. "Still, it is not a bull market yet so investors need to lower their expectations to 'limited gains.'"
The benchmark Korea Composite Stock Price Index (KOSPI) closed at 1,759.77 on Friday, down 9.88 points or 0.56 percent from a week earlier. The index suffered ups and downs amid growing concerns of a possible Greek default.
A credit downgrade on Italy by Moody's and growing worries over double-dip recessions in major economies amplified the fluctuations. On Tuesday and Wednesday, the index lost more than 100 points.
But the European Central Bank's decision to supply more liquidity into the financial system and some improved economic indicators for the U.S. helped the index bounce back later in the week.
Hopes for strong corporate earnings also lifted the market. Samsung Electronics, in particular, boosted investor sentiment by unveiling a third-quarter earnings estimate on Friday that beat market expectations.
"The market could stay on such a positive path up until the middle of next week," said Lee Seung-woo, an analyst at Daewoo Securities. "Still, it is not a bull market yet so investors need to lower their expectations to 'limited gains.'"
