S. Korean stocks forecast to gain steam next week

SEOUL, March 21 (Yonhap) -- South Korean stocks are expected to gain ground next
week on the back of improved investor sentiment from the local currency's
appreciation against the U.S. dollar last week, analysts said Saturday.

However, they said the market may suffer a technical correction, as it has risen
too much in recent days.
The benchmark Korea Composite Stock Price Index (KOSPI) rose 3.98 percent last
week from the previous week to close at 1,170.94 on Friday as investors scooped
up stocks in shipbuilders and steelmakers.
The South Korean won closed on a one-month high at 1,377 won versus the U.S.
dollar last Thursday, thanks to the Fed's plan to buy government bonds and
offshore investors' buying spree.
The local currency finished at 1,412.5 won to the dollar on Friday, down 16.5 won
from the previous session.
"The direction of the market may be determined by foreign investors' moves.
However, the possibility for the market to lose ground is low," said Kim
Joong-hyun, an analyst at Goodmorning Shinhan Securities Co.
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