S. Korea eyes chip alliance with Netherlands
Suneung without 'killer questions' still not easy, results show
US defense policy bill calls for maintaining 28,500 US troops in Korea
Teens' excessive smartphone use linked to mental health risk: study
SK carries out complete reshuffle of top brass
S. Korea, US, Japan to discuss regional security issues: White House
Ruling party reform committee disbands early, says job half done
Ex-justice minister's daughter attends forgery trial in college admissions scandal
Auditor says Moon govt distorted 2020 death of fisheries official
Moon officials tried to cover up North Korea’s murder of South Korean: state inspectors
Stocks forecast to extend gainsBy 황장진
Published : April 3, 2011 - 19:25
The benchmark Korea Composite Stock Price Index ended this week 66.97 points, or 3.26 percent, higher to 2,121.01 on Friday from a week earlier, marking the highest closing ever for the local key index. The total market cap also reached a record high of 1,189.47 trillion won ($1.09 trillion) on Friday.
The previous high was 2,115.69 recorded on Jan. 19.
This week’s big gains came on the back of subsiding jitters over the fallout from the March 11 earthquake and tsunami in Japan and political protests in the Middle East region.
The local market is likely to add further gains this week as foreign investors are expected to continue to increase holdings of local shares on reviving global risk appetites although there is a chance that the bourse could undergo a correction, analysts said.
“The market now has powerful upward momentum given it showed sharp V-shaped gains following recent global woes,” Daewoo Securities’ analyst Lee Seung-woo said. “Although the market could face some corrections, it is likely to rise further or settle at the 2,100 level.”
As the first-quarter earnings report season nears, the key index may be led by sectors with favorable earnings results, analysts also pointed out.
“The overall market mood is still positive,” said Seo Dong-pin, an analyst at Hana Daetoo Securities. “Investors are advised to pay attention to companies with optimistic earnings forecast.”
4 contentious bills scrapped in revote after Yoon's veto
S. Korea logs current account surplus for 6th month in October
Ex-Democratic Party chair denies bribery, illegal campaign allegations