S. Korean shares to move in tight range next week

By Yonhap
  • Published : Jun 23, 2018 - 10:19
  • Updated : Jun 23, 2018 - 10:19

South Korean shares are expected to remain in a relatively tight range next week as investors take to the sidelines amid global trade tensions, analysts said Saturday.

The benchmark Korea Composite Stock Price Index (KOSPI) closed at 2,357.22 points on Friday, down from 2,404.04 points a week earlier.

The local stock market started lower Monday, falling more than 1 percent amid heightened worries over a U.S.-China trade war. 

U.S. President Donald Trump announced new tariffs on Chinese products. The move intensified fears of trade frictions between the two economies.

The index further plunged to a nine-month low on Tuesday though it rebounded the following day on foreign buying.

Next week, investors are likely to take a wait-and-see stance due to persistent worries over the trade war between the world‘s two largest economies and ahead of second-quarter earnings news from major firms.

“The KOSPI is forecast to move in the 2,300-2,370 range due jitters surrounding a possible trade war and ahead of earnings reports,” said Kim Byong-yeon, an analyst at NH Investment & Securities. (Yonhap)