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Seoul shares seen moving in tight range next week

All News 10:00 July 01, 2017

SEOUL, July 1 (Yonhap) -- South Korean shares are likely to remain in a tight range next week, after posting a seventh consecutive month of gains, analysts here said Saturday.

The benchmark Korea Composite Stock Price Index (KOSPI) closed at 2,391.79 points on Friday, up 0.55 percent from a week ago.

This week, the KOSPI broke through the 2,400-point-level at one point for the first time, marking its new intra-day high.

The local bourse was bolstered by expectations that large-cap firms would post healthier-than-expected earnings for the second-quarter of this year amid optimism on global economic growth.

However, hawkish comments by central banks around the world later this week fueled risk aversion.

Kim Dae-jun, a senior researcher at Hankook Investment & Securities, said it was the first time that the KOSPI moved up for seven months in a row.

"As the KOSPI climbed without a decline, there is a possibility that the market may undergo a short-term correction," Kim said.

South Korea's industrial output rose slightly in May, but missed expectations, according to data from Statistics Korea released on Friday.

Next Monday, South Korea will announce its headline inflation in June, with credit appraiser Moody's expecting the June consumer price index rising 2.1 percent on year.

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