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Seoul shares to seek upturn on eased trade woes next week

기사승인 2018.09.23  07:59:27

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Seoul shares may undergo upward momentum next week, as eased concerns over global trade disputes and positive forecasts for corporate earnings could whet investors' appetite for bargains, analysts said Saturday.

The benchmark Korea Composite Stock Price Index (KOSPI) closed at 2,339.17 on Friday, up 2.32 percent from a week earlier.

The index started the week on a bearish note, as conflicts over tariffs between the United States and China appeared to worsen due to President Trump's decision to proceed with tariffs on nearly US$200 billion more in Chinese products.

As the retaliatory tariffs by China against American goods were lower than previously expected and the two economies left room for dialogue, however, investors moved to pick up big-cap tech bargains in the local market and brought the index to a three-month high on Friday.

Eased geopolitical concerns on the back of positive assessments of the third inter-Korean summit this week also relieved investors, though shares directly related to joint economic projects have fluctuated.

This upbeat mood is expected to continue next week, according to analysts, as investors now turn their eyes to positive predictions for third-quarter corporate earnings.

"Samsung Electronics is forecast to reap record high profits in the third quarter, and concerns over a fall in semiconductor prices have subsided," Yoo Seung-min, an analyst at Samsung Securities, said.

Next week, the stock market will be closed Monday through Wednesday for the Chuseok holiday. (Yonhap)

Kim Sua edt@koreapost.com

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