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.
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(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)
