S. Korean stocks to see technical rebound next week

SEOUL, Oct. 31 (Yonhap) -- South Korean stocks are expected to make a technical
rebound in the coming week, as investors view last week's losses as being too
steep for the short term, analysts said Saturday.

They cautioned, however, that the market could face downward pressure given
devastated investor sentiment caused by falls in U.S. equity markets.
The benchmark Korea Composite Stock Price Index (KOSPI) ended at 1,580.69 on
Friday, down 3.63 percent or 59.48 points from the previous week.
The index breached the 1,650-mark early in the week, but later fell below the
1,600-mark on cues from losses in the U.S. and a selling spree by foreign and
institutional investors.
The Dow Jones industrial average fell 2.51 percent to finish at 9,712.73 on
Friday on jitters over a U.S. economic recovery, while the tech-heavy Nasdaq
closed down 2.5 percent at 2,045.11.
"Though the market may see a technical rebound next week, it remains to be seen
whether the market will stage a rally due to a lack of positive leads," said Kim
Joong-hyun, an analyst at Shinhan Investment Corp.
ksnam@yna.co.kr
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