Seoul bourse likely to move sideways next week

SEOUL, June 20 (Yonhap) -- South Korean stocks are expected to move in a tight
range next week due to a lack of positive leads, analysts said Saturday.
The interest rate set by the U.S. Fed next week will determine the direction of
the local market.

The benchmark Korea Composite Stock Price Index (KOSPI) fell 3.17 percent or
45.25 points to close at 1,383.34 last week from the previous week as foreign
investors dumped shares.
In addition, the market was weighed down by news reports that the G8 finance
ministers shared an understanding on removing excess liquidity, analysts said.
The market will move in step with the foreign investors' trading, they predicted.
"South Korean stocks lack strong momentum and positive leads to rise further
now," said So Jang-ho, an analyst at Samsung Securities Co.
ksnam@yna.co.kr
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