S. Korean stock market to face volatile trading next week

SEOUL, July 11 (Yonhap) -- South Korea's stock market will likely face volatile
trading next week as investors digest a series of earnings reports from major
firms such as steelmaker POSCO, analysts said Saturday.

"The market's direction will be set by corporate earnings figures," said Kim
Choong-hyun, an analyst at Goodmorning Shinhan Securities. "After a rally in
recent weeks, the market is losing its upward momentum."
The country's key stock index, KOSPI, gained 0.6 percent over the week to close
at 1,428.62 on Friday, buoyed by optimism that major companies will report
better-than-expected earnings.
Earlier this week, market bellwether Samsung Electronics Co. said it expects
strong earnings for the second quarter. The world's largest maker of computer
memory chips gained 7.3 percent over the week.
Some analysts said given unfavorable overseas conditions, it will be difficult
for the local bourse to maintain the upward trend in the coming week.
Meanwhile, the U.S. stock market closed lower Friday as a slide in consumer
confidence added to concerns that an economic recovery will be further delayed.
The Dow Jones industrial average declined 0.5 percent to 8,146.52.
sam@yna.co.kr
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