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Seoul stocks set to rise next weekBy Song Su-hyun
Published : June 3, 2017 - 10:22
South Korean stocks are expected to rise further next week on improved investor sentiments and solid fundamentals, local analysts said Saturday.
Market watchers predicted the country's benchmark Korea Composite Stock Price Index (KOSPI) to maintain its upward momentum in the coming days as there are no negative factors that could weigh on the bourse.
The broader index closed at 2,371.72 points Friday, up 0.7 percent from a week ago.
KB Securities analyst Bae Sung-young said the main index has further room to rise next week, though it may move in a tight range.
On Friday, foreigners turned net buyers of domestic stocks worth more than 448 billion won (US$398 million) after solid job-related data gave a boost to U.S. stocks.
The Dow Jones industrial average climbed 0.65 percent to a record high of 21,144.18, and the tech-heavy Nasdaq rose 0.78 percent to 6,246.83 buoyed by strong employment data.
Kim Ye-eun, an analyst at Cape Investment & Securities, said the country's business fundamentals remain solid and there are no negative factors in the local stock markets that will drag down the index.
She expected the KOSPI to trade in the range of 2,340 to 2,390 during next week's trading session. (Yonhap)
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