Tech, auto shares likely to outperform next year: poll

SEOUL, Dec. 28 (Yonhap) -- Fund managers at South Korea's largest asset
management companies predict that the Seoul bourse will rise gradually next year
and tech and auto shares will likely outperform, a survey showed Monday.

The South Korean stock market is expected to face a brief correction earlier next
year before gaining ground gradually in the second half in tandem with the global
economic recovery, according to a poll conducted by Yonhap News Agency of fund
managers at 11 local asset management firms. Each company surveyed manages more
than 10 trillion won (US$8.55 billion) in assets.
"Next year, the Seoul bourse is forecast to advance, reflecting the expansionary
phase of the global economy. As exporters will benefit most from the economic
rebound, tech blue chips and automakers are likely to outperform in 2010," said
Kim Ho-jin, a senior fund manager at Mirae Asset Global Investments Corp.
The benchmark Korea Composite Stock Price Index (KOSPI) jumped 47.8 percent this
year, becoming the world's 17th best performer. The Seoul bourse sharply gained
ground in 2009 as a faster-than-expected economic recovery revived foreign
investors' appetite for risky assets.
They said at least until the first half of next year, tech shares and carmakers
will likely continue to lead the market's rise and if the bourse gains traction
after undergoing a correction, shares of mid-sized companies and
investment-related sectors like steelmakers and builders may be in focus.
sooyeon@yna.co.kr
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