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Seoul shares expected to stay within tight range next week

All News 10:00 December 09, 2017

SEOUL, Dec. 9 (Yonhap) -- South Korean shares are likely to remain within a tight range next week due to a profit-taking opportunity following recent rallies.

The benchmark Korea Composite Stock Price Index (KOSPI) closed at 2,464.00 points on Friday, falling 0.46 percent over the week.

This week, foreign investors remained net sellers of local stocks amid heightened geopolitical risks stemming from U.S. President Trump's recognition of Jerusalem as Israel's capital.

Some analysts said local stock markets are likely to face a further correction by the end of this year.

Kim Young-hwan, a researcher at KB Securities, said the KOSPI fell 3.5 percent in the past 20 trading sessions.

Kim said profit-taking may kick in in the information technology and healthcare sectors, which have recently shown stellar performance.

The local stock markets are also likely to take a breather because the U.S. Federal Reserve is widely expected to raise its key rate next week.

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