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Seoul shares to maintain upward move next week on sound economic data

South Korean stocks are expected to continue to build up gains next week on the back of strong economic data, analysts said Saturday.

The benchmark Korea Composite Stock Price Index closed at 2,355.30 on Friday, up 2.9 percent from the previous week, renewing its all-time high.

On Monday, South Korean shares breached the 2,300-point mark for the first time ever as foreign investors scooped up major tech stocks amid sound corporate earnings.

The index continued to set fresh record highs this week, moving in tandem with a rally on Wall Street, extending their winning streak to a fifth day.

Foreigners scooped up a net 541 billion won ($482 million) worth of local stocks, while individual investors offloaded a net 1.05 trillion won. Institutions bought a net 293 billion won.

Next week, analysts said the market is expected to remain bullish on the back of robust outbound shipment figures from South Korea which will be unveiled on Thursday.

They said the potential export data will lend support to the local stock market.

"The favorable export data will continue to give positive impact on the further gain of the KOSPI," said Kim Byung-yeon, an analyst at NH Investment & Securities Co. (Yonhap)