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South Korean stocks are likely to be influenced by first quarter earnings reports to be released this week, and the outcome of the parliamentary elections, local analysts said Saturday.
The country’s key stock index, the KOSPI, closed at 2,029.03 on Friday, up 0.7 percent from a week earlier, and a 0.01 percent gain from the previous session.
The bourse’s modest gains were fueled by improvements in U.S. consumer sentiment figures and Moody’s Investors Service decision to upgrade its outlook on South Korea’s sovereign credit rating from “stable” to “positive.”
“Quarterly earning reports for companies on the KOSPI will impact the market as well as Wednesday’s election outcome,” an analyst said.
Earnings reports for electronics, information technology and autos are expected to be on the positive side that could be favorable to the bourse.
He pointed out, however, that because parties have expressed interest in exerting control over large conglomerates, this could affect investment and stock prices.
Another factor that may influence the stock market in the coming days is Spain’s debt woes, which may exert negative influence on the entire eurozone.
China’s inflation and balance of trade report could also sway domestic stock prices since the country is South Korea’s largest trading partner.
“Because there is a possibility of considerable volatility, it may be wise for investors to take a wait-and-see approach for the time being,” said Lee Seung-woo, an analyst at Daewoo Securities.
(Yonhap News)
The country’s key stock index, the KOSPI, closed at 2,029.03 on Friday, up 0.7 percent from a week earlier, and a 0.01 percent gain from the previous session.
The bourse’s modest gains were fueled by improvements in U.S. consumer sentiment figures and Moody’s Investors Service decision to upgrade its outlook on South Korea’s sovereign credit rating from “stable” to “positive.”
“Quarterly earning reports for companies on the KOSPI will impact the market as well as Wednesday’s election outcome,” an analyst said.
Earnings reports for electronics, information technology and autos are expected to be on the positive side that could be favorable to the bourse.
He pointed out, however, that because parties have expressed interest in exerting control over large conglomerates, this could affect investment and stock prices.
Another factor that may influence the stock market in the coming days is Spain’s debt woes, which may exert negative influence on the entire eurozone.
China’s inflation and balance of trade report could also sway domestic stock prices since the country is South Korea’s largest trading partner.
“Because there is a possibility of considerable volatility, it may be wise for investors to take a wait-and-see approach for the time being,” said Lee Seung-woo, an analyst at Daewoo Securities.
(Yonhap News)
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Articles by Korea Herald
