South Korean shares will likely trade higher next week as investors are expected to continue buying up relatively undervalued shares following improvements in the U.S. economy, analysts said Saturday.
The benchmark Korea Composite Stock Price Index closed at 2,322.88 points on Friday, up 1.29 percent from the previous week.
On Monday, Seoul shares closed higher following last week's gain on Wall Street, which responded positively to the Federal Reserve's plan to gradually increase the key rate.
The bourse maintained its growth later as investors were cheered by the understanding reached between the U.S. and Mexico on the revision of the North American Free Trade Agreement.
On Wednesday, the main bourse closed higher for the ninth consecutive session -- the first time it had done so in nine years.
The market lost ground slightly on Thursday as investors took a breather, although it rebounded the following day on news of an optimistic manufactures' index from China.
Next week, the South Korean stock market is expected to trade higher, with investors set to remain confident over the recovery of the U.S. economy.
"The stock markets of emerging markets are experiencing a rebound following the recovery of the U.S. economy," said Kim Byong-yeon, a researcher at NH Investment & Securities Co., claiming that uncertainties surrounding the Washington-Beijing trade dispute are unlikely to cause an immediate adverse impact.
Foreigners bought a net 1.03 trillion (US$924.6 million) won this week, while institutions sold a net 659 billion won. Retail investors sold more shares than they bought at 243 billion won. (Yonhap)
Kim Sua firstname.lastname@example.org
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