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Seoul shares forecast to remain in tight range next week

All News 11:14 June 04, 2016

SEOUL, June 4 (Yonhap) -- South Korean shares are expected to remain in a tight range next week as investors take to the sidelines ahead of key economic events, analysts said Saturday.

The benchmark Korea Composite Stock Price Index (KOSPI) closed at 1,985.84 points on Friday, up 0.9 percent from a week ago.

The country's stock market started higher this week as concerns over a rate hike in the U.S. eased and investors scooped up market heavyweights, but caved in to institutional sell-offs, which was in part offset by foreign buying.

This week, foreign investors scooped up local stocks worth 504 billion won (US$425 million), while institutional investors sold over 100 billion won.

"Ahead of the Federal Open Market Committee meeting and a slew of key economic data, it is right to take a cautious approach," said Koh Seung-hee, an analyst at KDB Daewoo Securities Co.

The analyst said major economic events such as the FOMC meeting, May exports data from China and key data from the U.S., may increase market volatility next week.

Pharmaceutical stocks and tech shares were among the winners by rising 5.9 percent and 4.9 percent each, while utility and steelmakers traded bearish this week, moving down 3.5 percent and 2.4 percent.

sam@yna.co.kr
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