Seoul shares forecast to remain in tight range next week

By Yonhap
  • Published : Jun 15, 2019 - 11:13
  • Updated : Jun 15, 2019 - 11:48

South Korean shares are expected to remain in a tight range next week as investors take to the sidelines ahead of key economic events, analysts said Saturday.

The benchmark Korea Composite Stock Price Index (KOSPI) closed at 2,095.41 points on Friday, compared with 2,072.33 points a week ago.

The index rose for two sessions in a row to a one-month high on Tuesday as China's exports remained bullish in May and it eased rules on local government spending on public projects.

File photo (Yonhap)

The KOSPI, however, closed lower during the remaining three sessions as investors remained wary of the stalled US-China trade negotiations.

"Ahead of the Federal Open Market Committee (FOMC) meeting and amid ongoing trade friction between the world's two largest economies, it is right to take a cautious approach," Kim Byong-yeon, an analyst at NH Investment & Securities, said.

The analyst said major economic events such as the FOMC meeting may increase market volatility next week.

Kim forecast the main stock index to trade between 2,020 and 2,120 points in the coming week. (Yonhap)