ID :
85996
Sat, 10/24/2009 - 22:07
Auther :
Shortlink :
https://www.oananews.org//node/85996
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Seoul bourse expected to gain ground next week: analysts
By Lee Youkyung
SEOUL, Oct. 24 (Yonhap) -- The South Korean stock market is expected to gain
ground next week as leading firms in tech and banking are forecast to release
strong third-quarter performance reports, analysts said Saturday.
The benchmark Korea Composite Stock Price Index (KOSPI) closed this week at
1640.17, slightly down from the previous week when the index reached 1640.36.
Analysts said the KOSPI is expected to gain upward momentum next week, as major
financial and tech firms are predicted to release better-than-expected
third-quarter earnings.
KB Financial Group and Samsung Electronics are slated to announce their earnings
Thursday and Friday, respectively, along with other major firms such as SK
Telecom and Woori Finance Holdings.
"Samsung Electronics announced an earnings preview for the third quarter that
already exceeded market expectations and investors anticipate that its official
report will be as strong," said Jeong Jong-seon, an analyst at IBK Securities Co.
"Market leaders, such as tech and auto shares, are predicted to bring upside
pressure to the market once again, which would help test the benchmark's 1,700
level," he said.
In addition, auto shares were expected to gain ground next week on the back of
their stellar performances for the three months to September, reported on Oct.
23, analysts said.
"Foreign investors are likely to continue to buy auto shares," said Sim Jae-yup,
an analyst at Meritz Securities Co. "As their strong earnings reports have shown
that local exporters are not as vulnerable to the foreign exchange rate as
earlier feared."
Other analysts, however, said next week's earnings reports may have little impact
on the Seoul bourse as improved earnings have already been reflected in share
prices.
"Samsung Electronics announced their earnings guidance in early October so the
official release will not sway the market very much," said Ahn Byung-gook, an
analyst at Daewoo Securities, adding that the KOSPI is likely to continue to move
sideways next week.
The Seoul bourse soared to a 15-month high of 1718.88 in late September as
foreigners scooped up tech and auto shares, but the benchmark has traded below
the 1,700-level for a month as investors remain worried about the sustainability
of the economic recovery.
ylee@yna.co.kr
(END)
SEOUL, Oct. 24 (Yonhap) -- The South Korean stock market is expected to gain
ground next week as leading firms in tech and banking are forecast to release
strong third-quarter performance reports, analysts said Saturday.
The benchmark Korea Composite Stock Price Index (KOSPI) closed this week at
1640.17, slightly down from the previous week when the index reached 1640.36.
Analysts said the KOSPI is expected to gain upward momentum next week, as major
financial and tech firms are predicted to release better-than-expected
third-quarter earnings.
KB Financial Group and Samsung Electronics are slated to announce their earnings
Thursday and Friday, respectively, along with other major firms such as SK
Telecom and Woori Finance Holdings.
"Samsung Electronics announced an earnings preview for the third quarter that
already exceeded market expectations and investors anticipate that its official
report will be as strong," said Jeong Jong-seon, an analyst at IBK Securities Co.
"Market leaders, such as tech and auto shares, are predicted to bring upside
pressure to the market once again, which would help test the benchmark's 1,700
level," he said.
In addition, auto shares were expected to gain ground next week on the back of
their stellar performances for the three months to September, reported on Oct.
23, analysts said.
"Foreign investors are likely to continue to buy auto shares," said Sim Jae-yup,
an analyst at Meritz Securities Co. "As their strong earnings reports have shown
that local exporters are not as vulnerable to the foreign exchange rate as
earlier feared."
Other analysts, however, said next week's earnings reports may have little impact
on the Seoul bourse as improved earnings have already been reflected in share
prices.
"Samsung Electronics announced their earnings guidance in early October so the
official release will not sway the market very much," said Ahn Byung-gook, an
analyst at Daewoo Securities, adding that the KOSPI is likely to continue to move
sideways next week.
The Seoul bourse soared to a 15-month high of 1718.88 in late September as
foreigners scooped up tech and auto shares, but the benchmark has traded below
the 1,700-level for a month as investors remain worried about the sustainability
of the economic recovery.
ylee@yna.co.kr
(END)
