S. Korean stocks forecast to add to gains next week

SEOUL, April 4 (Yonhap) -- South Korean stocks are expected to extend their winning streak next week on continued foreign buying and subsiding local currency jitters, analysts said.

The benchmark Korea Composite Stock Price Index (KOSPI) finished at 1,283.75 last
week, up 46.24 points or 3.74 percent, rising for a fifth week. It spiked to the
highest level since Oct. 15 last year, boosted by improving economic indicators
and better corporate earnings hopes.
Solid purchases by foreign investors and a strengthening South Korean won, which
has risen for a fourth week, are forecast to provide further momentum to the
local market, according to analysts.
"Stocks may fare positively next week, and large-cap stocks or shares with
improving corporate earnings are expected to lead the gains," said Lee Seung-woo,
an analyst at Daewoo Securities.
Profit-taking, however, could weigh down on the market, analysts warned,
following the index's recent brisk gains.
"Even solid foreign net-buying could be outshadowed by massive profit-seeking,
crimping upward momentum," said Kim Chung-hyun, an analyst at Goodmorning Shinhan
Securities.
pbr@yna.co.kr
(END)