South Korean stocks are set to rise further next week on positive market factors, analysts said Saturday.
They expect the country's benchmark Korea Composite Stock Price Index to maintain its upward momentum next week as foreigners are expected to buy more undervalued stocks. The broader index closed at 2,241.24 points Thursday, up 1.6 percent from a week ago. The stock markets were closed on Friday, a national holiday.
KB Securities analyst Bae Sung-young said the main index is expected to test new highs in the coming week, citing foreign buying and improved corporate earnings.
On Thursday, the main index hit an all-time high helped by foreign buying and robust corporate earnings by major businesses.
Next week is packed with major events, such as the presidential elections in South Korea and France, though analysts said the French election is unlikely to cause any volatility.
Suh Jeong-hoon, a researcher of Samsung Securities, said there is enough room for an additional rise in the local stock markets as the KOSPI is undervalued. (Yonhap)