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Seoul stocks likely to stay in tight range next week on renewed virus woes

All News 08:21 June 27, 2020

SEOUL, June 27 (Yonhap) -- South Korean shares are expected to move in a tight range next week, as investors remain wary over the second wave of the coronavirus pandemic, analysts said Saturday.

The benchmark Korea Composite Stock Price Index (KOSPI) closed at 2,134.65 points on Friday, slightly down from 2,141.32 points a week ago.

The index started weak Monday as investors took to the sidelines over fears of the second wave of new COVID-19 cases both at home and abroad.

The KOSPI briefly bounced back Tuesday and closed 1.42 percent higher Wednesday on the back of upbeat economic data from the United States and Europe.

However, the KOSPI tumbled more than 2 percent Thursday after new daily virus cases in the U.S. surged to nearly 36,000 in the latest tally.

On Friday, the index gained more than 1 percent as large-cap tech shares rallied.

Kim Byong-yeon, an analyst at NH Investment & Securities, said the stock market already went through corrections due to concerns over the COVID-19 outbreak, and investors adopted a wait-and-see stance.

The analyst said key economic data, such as purchasing managers' index (PMI) for the manufacturing sector in the U.S., may increase market volatility next week.

Kim forecast the main stock index to trade between 2,030 and 2,130 points in the coming week.


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