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Seoul shares expected to move in tight range next week

South Korean stocks are expected to move in a relatively tight range as 2019 trading kicks off next week in the face of various uncertainties, analysts here said Saturday.

The benchmark Korea Composite Stock Price Index  closed at 2,041.04 points on Friday, down from 2,061.49 the previous week.

The KOSPI was subject to some rocky trading early in the week as investors took a wait-and-see stance in the face of volatile political developments in the United States.

The bourse dipped 1.31 percent on Wednesday, falling to an almost two-month low, following the US federal government shutdown and the Wall Street plunge.


The KOSPI rebounded on Friday as investors sought undervalued shares amid a potentially rosy outlook for early January.

Analysts are forecasting lower volatility in the new week, citing that the market usually gains ground in January. They cautioned, however, that there are still negative factors such as the prolonged US government shutdown.

Cho Yeon-ju, an analyst at NH Investment & Securities, said investors are most likely to take to the sidelines out of concerns related to events that can unfold at home and abroad.

Cho forecast the main stock index to trade between 2,000 and 2,080 points in the coming week.

The KOSPI will be closed on Monday and Tuesday and will resume on Wednesday at 10:00 a.m., one hour later than usual. (Yonhap)