S. Korean stocks forecast to stay in tight range next week

SEOUL, Sept. 12 (Yonhap) -- South Korea's stock market is likely to stay in a
tight range next week after sharp gains this week, analysts said Saturday.

The country's key stock index, the KOSPI, ended at 1,651.70 on Friday, up 42.8
points or 2.66 percent from a week ago, buoyed by gains in tech and auto shares.
"The market may attempt to rise further, but investors are also tempted to lock
in part of gains seen this week, helping the market to take a breather," said Lee
Seung-woo, an analyst at Daewoo Securities.
The analyst expected the KOSPI to move in a range of 1,600 to 1,680 next week.
Analysts said foreign investors may continue buying stocks after the central bank
hinted at possible rate hikes, sparking hopes for a stronger won, but warned that
the market may face some volatility given recent sharp gains.
"Auto and tech shares had led the recent market rally, but domestic-focused
shares may lead the market direction down the road," Hwang Keum-dan, an analyst
at Samsung Securities.
On Friday, the U.S. stock market fell after five straight days of gains. The Dow
Jones industrial average fell 0.23 percent to 9,605.41, and the tech-heavy Nasdaq
index slipped 0.15 percent to 2,080.9.
sam@yna.co.kr
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