Seoul shares expected to undergo correction next week

SEOUL, April 25 (Yonhap) -- South Korean stocks are predicted to face a correction next week as investors take profits from recent gains, analysts said Saturday.

The benchmark Korea Composite Stock Price Index (KOSPI) rose 1.88 percent last
week from the previous week to close at 1,354.10 on Friday, buoyed by better than
expected first-quarter corporate earnings.
Analysts predicted that the market will be boosted by improved earnings of
companies such as LG Chemical and Hyundai Heavy Industries and bright economic
indicators including industrial output.
However, investors are expected to cash in their shares from such gains, they said.
"Investors may take profits from next week's gains that are forecast to be
sparked by good corporate earnings and improved economic indicators," Ryu
Ryong-seok, an analyst at Hyundai Securities Co.
"The market are predicted to face a correction next week due to investors'
profit taking," he added.
ksnam@yna.co.kr
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