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Seoul shares to make limited upturn next week

Stocks 10:00 March 09, 2019

SEOUL, March 9 (Yonhap) -- South Korean stocks are expected to gather upward momentum, albeit limited, next week on investors' bargain hunting following deep losses in recent sessions, analysts said Saturday.

The benchmark Korea Composite Stock Price Index (KOSPI) closed at 2,137.44 points Friday, down 4.36 percent from a week earlier.

The benchmark index had been weighed down all week by uncertainties regarding global trade frictions, as there had no tangible moves on a trade deal between the United States and China despite good news that the much-anticipated agreement could be struck this month.

Further dampening the sentiment is renewed concerns over the global economic slowdown as the European Central Bank cut its growth and inflation forecasts and some economic data from the world's two largest economies came below market expectations.

Until Friday, the index had fallen for six straight sessions, which is the longest losing streak since October last year, when it lost ground for eight consecutive days.

"Grim global economic circumstances, together with not-so-good prospects for the chip market, seem to cause investors to move to lock in profits," said Kim Yong-gu, an expert at Hana Financial Investment.

"Such issues will not be resolved soon. But the valuation of the local shares are quite attractive, and China's stimulus measures are expected to help invigorate the Asian market," he noted.

Seoul shares to make limited upturn next week - 1

graceoh@yna.co.kr
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