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Seoul shares forecast to remain range-bound next week

All News 10:00 October 01, 2016

SEOUL, Oct. 1 (Yonhap) -- South Korean shares are expected to remain in a tight range next week as the financial stability of German banking giant Deutsche Bank has spurred volatility, analysts said Saturday.

The benchmark Korea Composite Stock Price Index (KOSPI) closed at 2,043.63 points on Friday, down 0.51 percent from a week ago.

The country's stock market hit a fresh yearly high this week after OPEC members reached a surprise deal to cut output, but concerns about the German bank weighed on the market.

Fears over the financial health of Deutsche Bank reminded investors of the 2008 bankruptcy of the U.S. investment bank Lehman Brothers, analysts said.

Lee Kyung-min, an analyst at Daishin Securities, said concerns about Deutsche Bank are likely to spur volatility in the local stock market for the time being.

Next week, investors will closely watch a guidance by Samsung Electronics for its third-quarter profits.

Samsung is currently carrying out a global recall of the Galaxy Note 7 smartphone over a faulty battery.

An average market consensus for Samsung's third-quarter operating profit was estimated at 7.64 trillion won (US$6.93 billion).

Samsung is expected to announce its third-quarter earnings guidance next Friday.

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