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Seoul stocks to log modest gains next week

All News 10:00 September 05, 2020

By Chung Joo-won

SEOUL, Sept. 5 -- South Korean stocks are likely to continue to build up gains, albeit modestly, in the coming week on hopes for a slowdown in new virus cases and a quick economic recovery, analysts said Saturday.

The benchmark Korea Composite Stock Price Index (KOSPI) closed at 2,353.8 points on Friday, up 0.61 percent from 2,304.59 points a week ago.

Electronic signboards at a Hana Bank dealing room in Seoul show the benchmark Korea Composite Stock Price Index (KOSPI) closed at 2,368.25 on Sept. 4, 2020, down 27.65 points, or 1.15 percent, from the previous session's close. (Yonhap)

Analysts forecast another week of modest gains, unless the COVID-19 toll flares up again.

But the weekly gains may be limited by the prolonged social distancing measures.

"Extending the social distancing scheme before the Chuseok holiday season may dent economic rebound hopes and reduce the stock price gain," Moon Nam-joong, a global strategist at Daishin Securities Co., said.

Under the Level 2.5 social distancing guidelines, the country has limited operations of restaurants, bakeries and franchise coffee chains in the Seoul metropolitan area.

China's import-export data for August will be released on Monday.

The eurozone's revised quarterly gross domestic product (GDP) data for the April-June period is due Tuesday.

South Korea's August jobless data will come out on Wednesday, and the European Central Bank's monetary policy meeting is scheduled for Thursday.

jwc@yna.co.kr
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