Seoul shares set for sluggish trade next week amid slowing economic indexes

Published : Mar 2, 2019 - 10:36 Updated : Mar 3, 2019 - 09:12

South Korean shares are expected to trade in a limited range next week, with investors set to take a wait-and-see stance on key economic indexes, analysts said Saturday.

The benchmark Korea Composite Stock Price Index closed at 2,195.44 on Friday, down 1.57 percent from last week’s close.

(Yonhap)

Earlier this week, South Korean shares were nearly flat ahead of the historic summit between U.S. President Donald Trump and North Korean leader Kim Jong-un, which took place in Hanoi on Wednesday and Thursday.

The local stock market gathered ground on the first day of the summit as investors bet on a successful outcome.

The following day, however, Seoul shares lost ground sharply on reports that the two countries had failed to come up with a joint statement.

Shortly after the market closed, the White House announced that the two leaders had fallen short of striking a deal.

South Korea’s stock market was closed on Friday to commemorate the March 1 Independence Movement of 1919.

Next week, analysts said Seoul shares are expected to trade in a limited range as investors are expected to sit on the sidelines ahead of U.S. job and Chinese export data.

“While the KOSPI will move in a limited range, the market will depend on individual issues from segments or companies,” said Kim Byong-yeon, a researcher at NH Investment & Securities Co.

Foreigners sold a net 314 billion won ($279 million), while institutions scooped up a net 537 billion won. Individuals offloaded a net 194 billion won. (Yonhap)