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Seoul shares expected to stay low-key ahead of key events
By YonhapPublished : Nov. 24, 2018 - 10:42
South Korean stocks are expected to show some toned-down movements next week as investors await the results of key events at home and abroad, analysts said Saturday.
The benchmark Korea Composite Stock Price Index closed at 2,057.48 points on Friday, down 1.67 percent from the previous week.
The index pulled off a strong start on Monday to hit a four-week high on news that the United States and China would have talks to deal with ongoing trade tensions.
However, KOSPI fell for remaining four sessions as Wall Street experienced a sharp decline due to the fluctuating trade dispute between the two economic powerhouses and a gloomy growth forecast for the global economy as a whole.
Next week, the most anticipated event will be the summit talks between U.S. President Donald Trump and his Chinese counterpart Xi Jinping on the sidelines of the Group of 20 meeting on Nov. 30-Dec.
1 in Buenos Aires, Argentina.
The Washington-China dispute could reach a new turning point after the Trump-Xi talks.
Also, the Bank of Korea (BOK) will have its last rate-setting meeting of the year on Friday. The central bank is widely expected to raise the policy rate from the current 1.50 percent for the first time since November last year.
Analysts said investors will take a wait-and-see stance until the end of the week, while the downside trend of oil prices will be monitored carefully.
"Ahead of the U.S.-China summit meeting, investors will move cautiously," said Seo Sang-young from Kiwoom Securities Co. "Energy shares will lead the market next week." (Yonhap)
