South Korean stocks will likely move within a tight range next week as they will continue to be influenced by the eurozone economic woes, local analysts said Saturday.

The country’s key stock index, the Korea Composite Stock Price Index, closed at 1,848.68, up 1.06 percent or 19.52 points higher from a week earlier.

Foreign and institutional investors scooped up a net 1.53 trillion won ($1.35 billion) worth of shares with individuals offloading a net 1.95 trillion won worth of shares.

The KOSPI once surfaced to the 1,880 mark this week, but Standard and Poors’ downgrading of 15 Italian banks, coupled with the U.S. Federal Open Market Committee’s failure to introduce new economic stimulus measures, quickly took away merits of long-term investment.

The analysts here said such developments suggested the eurozone woes and resulting global downturn will be more serious and long-lasting than earlier anticipated.

“The market faces a brief respite from major events next week and so it will move in a tight range with no clear direction,” said Lee Seung-woo, an analyst at Daewoo Securities. (Yonhap News)