Seoul shares to continue weak trading next week: analysts

SEOUL, Dec. 27 (Yonhap) -- South Korean stocks are likely to continue lukewarm
trading next week amid a lack of scheduled announcements and weakened investor
sentiment, analysts said Saturday.
The benchmark Korea Composite Stock Price Index (KOSPI) closed at 1,117.86 on
Friday, down 5.34 percent, or 63.11 points, from the previous week, shrugging off
hopes of a year-end rally.
The market was weighed down largely by profit-taking from short-term gains,
overall losses in Wall Street and jitters over restructuring pressure in the
construction and shipbuilding sectors.
Market watchers expect next week, which includes the last trading session of this
year as well as the first of 2009, to continue weak trading.
"The key index is forecast to trade sideways in a range between the 1,050 and
1,200 level," said Rhyu Yong-seok, an analyst at Hyundai Securities.
The U.S. will most likely be in a policy vacuum before the inauguration of
President-elect Barack Obama in late January, and won't likely send any major
market-moving signals to the global market before then, Rhyu noted.
"The market, without any special events marked, will continue its limited ups and
downs," Lim Tae-geun, an analyst at Daewoo Securities said, advising investors to
refrain from aggressive participation until the market finds a clear course of
direction.
odissy@yna.co.kr
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