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Seoul stock index may fall to 2,200 as US slaps tariffs on Chinese goods
By YonhapPublished : July 7, 2018 - 11:51
South Korea's main stock index may fall to the 2,200 level next week due to a trade war that was kicked off by the United States applying tariffs on $34 billion worth of Chinese goods, analysts here said Saturday.
The benchmark Korea Composite Stock Price Index is widely expected to move between 2,200 and 2,300 in the coming week due to growing uncertainties surrounding the US-China standoff.
The main index ended 0.68 percent higher at 2,272.87 Friday after falling 2.3 percent over this past week.
"As China responded with its own tariffs shortly after US measures went into effect, the local stock market largely driven by exporters may suffer some declines," Kiwoom Securities analyst Seo Sang-young said by phone.
The Trump government said it will apply 25 percent tariffs on 818 Chinese goods, ranging from aircraft and industrial magnets to chicken incubators.
In addition to trade, second-quarter and first-half earnings results to be released by major companies going forward will affect the KOSPI index, market watchers said.
Not yet known is foreigners' stance toward the trade dispute between the G2 and the quarterly and first-half earnings results by major firms such as Samsung Electronics Co. and Hyundai Motor Co., they said.
On Friday, Samsung Electronics announced its estimated operating profit of 14.8 trillion won in the April-June period, up 5.2 percent from 14.07 trillion won a year earlier. LG Electronics Co. said its estimated operating income jumped 16 percent to 771 billion won in the second quarter from 664 billion won a year ago.
The two chip giants plan to release their final earnings figures later this month. (Yonhap)
