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Seoul shares expected to move in tight range next week

All News 10:00 April 08, 2017

SEOUL, April 8 (Yonhap) -- South Korean shares are expected to move in a tight range next week due to a lack of momentum and uncertainties, analysts said Saturday.

They expected the benchmark Korea Composite Stock Price Index to trade at the 2,130-2,180 range next week. The broader index closed at 2,151.73. points on Friday, down 0.39 percent from a week ago.

"There is not any strong market momentum that will boost the index, though the situation would not last long," said Yoon Young-gyo, a strategist at Cape Investment & Securities Co.

On Friday, Samsung Electronics, the world's largest manufacturer of smartphones, announced its estimated operating profit for the January-March quarter on Monday. Its operating income jumped 48 percent to 9.9 trillion won (US$8.76 billion) in the first quarter from a year earlier on robust chip sales.

External uncertainties such as a U.S. airstrike on Syria and the U.S.-China summit will weigh on the market next week, Yoon said.

KB Securities analyst Bae Sung-young also said the markets will lack in any strong momentum next week as most companies release their first-quarter results late in the month.

He said local stocks are expected to undergo minor corrections in next week.


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