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Seoul shares to move in tight range on uncertainties next week

All News 10:00 December 08, 2018

SEOUL, Dec. 8 (Yonhap) -- Seoul shares are expected to move in a tight range due to uncertainties surrounding the U.S.-China trade dispute and Britain's Dec. 11 parliamentary vote on its plan to leave the European Union, analysts here said Saturday.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 7.07 points, or 0.34 percent, to 2,075.76 on Friday after falling 1.4 percent in the previous four sessions.

This past week, foreigners and institutions sold a combined 278.9 billion won worth of stocks on profit taking. Individuals bought a net 230.1 billion won stocks on bargain hunting.

"Some of the uncertainties involving the U.S.-China talks already factored in the KOSPI index but most of them haven't. Factors like Britain's planned vote on its Brexit plan are also closely watched by investors," Kim Byoung-youn, an analyst at NH Investment & Securities Co., said.

Brokerages expected the main index to move in the range of 2,030 and 2,130 next week.

On Friday, tech, auto and steel stocks led gains, with market bellwether Samsung Electronics Co. rising 1.11 percent to 40,950 won, top carmaker Hyundai Motor Co. gaining 0.45 percent to 111,000 won and leading steelmaker POSCO climbing 0.60 percent to 249,500.

The U.S. and China agreed to a 90-day truce to the tit-for-tat imposition of tariffs between the so-called G-2 economies this year. The ceasefire agreement briefly boosted global stocks early this week, but investors are worried that compromise may be elusive.

The Korea Exchange in Yeouido, Seoul (Yonhap)


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