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S. Korean shares to move in tight range next week: analysts

All News 10:00 June 24, 2017

SEOUL, June 24 (Yonhap) -- South Korea's bourse is set to move in a tight range next week, as gains in tech stocks are likely to be offset by declines in non-tech shares, analysts said Saturday.

The benchmark Korea Composite Stock Price Index (KOSPI) is expected to move in the 2,340-2,390 range in the coming week amid lack of a strong upward market momentum, they said.

"Samsung Electronics and other information-technology stocks are likely to rise further on expectations that they might come up with robust earnings results for the April-June quarter next month," Daishin Securities Co. analyst Park Choon-young said.

China-market reliant shares such as AmorePacific and POSCO may extend gains next week on hopes that Beijing will lift or ease the ban on the sale of package tours to South Korea and other retaliatory trade measures that were implemented over the decision to deploy the Terminal High Altitude Area Defense (THAAD) system on the Korean Peninsula.

Beijing has explicitly opposed the installation of the anti-missile system here, arguing the powerful X-band radar system that comes with a THAAD battery could spy on its military. Seoul and Washington have said the system is purely a defense against missile threats from North Korea.

During Friday's session, President Moon Jae-in said he will make the request to the Chinese authorities to lift restrictions, giving a boost to China-exposed stocks.

This week, the KOSPI index ended 0.35 percent higher at 2378.60 as of Friday. It rose 0.71 percent in the past five sessions.

Stock purchases by foreigners and individuals helped the index end in positive territory despite massive selling by institutions.


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