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Seoul stocks set for mild rebound next week: analysts

All News 10:00 July 11, 2020

SEOUL, July 11 (Yonhap) -- South Korean stocks are set for a mild rebound next week despite new coronavirus concerns, as experts bet on improvements in global economic indices in June, analysts said Saturday.

The benchmark Korea Composite Stock Price Index (KOSPI) closed at 2,150.25 points on Friday, down 0.1 percent from a week ago.

Electronic signboards at a Hana Bank dealing room in Seoul show the benchmark Korea Composite Stock Price Index (KOSPI) closed at 2,150.25 on July 10, 2020, down 17.65 points, or 0.81 percent, from the previous session's close. (Yonhap)

The KOSPI started off the week with a 1.65 percent jump on Monday on tech gains, led by Samsung Electronics' surprise earnings guidance. But it shed all those gains by the end of the week on the global hike in COVID-19 infections.

Local analysts said the KOSPI is likely to gain next week, with investors weighing economic rebound hopes over COVID-19 worries.

"The KOSPI is likely to follow the global stock markets (next week)," NH Investment & Securities analyst Noh Dong-kil said.

"The global stock markets have continued hiking on the improving U.S. economic indices, along with health officials' predictions that the COVID-19 toll would likely show sporadic increases rather than a major resurgence," he said.

A series of key economic events and indices are scheduled for next week.

On Monday, South Korean government is set to release details of the so-called New Deal stimulus package, aimed at creating jobs and supporting the pandemic-hit economy.

Market consensus bet on improvements in U.S. retail sales in June and China's second quarter gross domestic growth, both set to be released on Thursday.

The Bank of Korea is widely expected to freeze the policy rate in the monetary policy meeting on Thursday.


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