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Seoul shares to sit on sidelines amid FOMC gathering

All News 10:00 June 10, 2017

SEOUL, June 10 (Yonhap) -- South Korean stocks are anticipated to trade in a limited range next week as investors are set to take a wait-and-see approach on the U.S. Federal Open Market Committee (FOMC) meeting, analysts said Saturday.

The benchmark Korea Composite Stock Price Index (KOSPI) closed at a record high 2,381.69 on Friday, up 0.42 percent from the previous week.

On Monday, local stocks traded nearly flat throughout the session to close slightly lower, as major blue chips traded in mixed terrain.

After being closed Tuesday for Memorial Day, the market continued to remain bearish as investors awaited major events such as the general election in Britain and the Senate hearing of former U.S. FBI director James Comey.

With the Comey meeting not far off the market's expectation, the bourse managed to close on a bullish note on Friday.

Foreigners scooped up a net 818.8 billion won (US$728 million) worth of local stocks, while institutions offloaded net 1.1 trillion won. Retail investors bought more shares than they sold at 59.7 billion won.

Next week, analysts said it is likely the market will move in a limited range.

"The appetite for riskier assets has been retreating on the main bourse due to events in Europe such as the British election and the European Central Bank (ECB)," Park Chun-young, a researcher at Daishin Securities Co. "Overseas events are likely to weigh down on the investors' sentiment in South Korea next week."


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