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Korean stocks are likely to be affected by European and U.S. policy measures next week as investors keep tabs on the European Central Bank and the U.S. Federal Reserve amid lingering worries over economic uncertainties, analysts said Saturday.
The benchmark Korea Composite Stock Price Index rose 0.34 percent from a week earlier to end at 1,829.16 last week, with the market sinking to the 1,760 level at one point.
On Wednesday, the main index slumped to an yearly low of 1,769.31 as concerns over Spain and Italy as well as poor second-quarter earnings of U.S. firms hurt investor sentiment. The KOSPI, however, sprung up as the ECB pledged to consider all measures for the troubled region.
Several central bank moves are expected this week. The ECB may act to prop up the eurozone through a rate cut or a bond buying program. The Federal Open Market Committee is meeting Tuesday and Wednesday.
“The Seoul bourse is likely to rangebound amid possibilities of the ECB’s rate cut and Securities Markets Program as well as the Fed’s benchmark rate cut,” said Lee Seung-woo, an analyst at KDB Daewoo Securities Co.
“The KOSPI may attempt to recover if there are signs of a third round of quantitative easing and the ECB’s longer-term refinancing operations,” Lee said.
Analysts also recommended investors to follow some U.S. economic data due this week, ranging from employment to manufacturing. (Yonhap News)
The benchmark Korea Composite Stock Price Index rose 0.34 percent from a week earlier to end at 1,829.16 last week, with the market sinking to the 1,760 level at one point.
On Wednesday, the main index slumped to an yearly low of 1,769.31 as concerns over Spain and Italy as well as poor second-quarter earnings of U.S. firms hurt investor sentiment. The KOSPI, however, sprung up as the ECB pledged to consider all measures for the troubled region.
Several central bank moves are expected this week. The ECB may act to prop up the eurozone through a rate cut or a bond buying program. The Federal Open Market Committee is meeting Tuesday and Wednesday.
“The Seoul bourse is likely to rangebound amid possibilities of the ECB’s rate cut and Securities Markets Program as well as the Fed’s benchmark rate cut,” said Lee Seung-woo, an analyst at KDB Daewoo Securities Co.
“The KOSPI may attempt to recover if there are signs of a third round of quantitative easing and the ECB’s longer-term refinancing operations,” Lee said.
Analysts also recommended investors to follow some U.S. economic data due this week, ranging from employment to manufacturing. (Yonhap News)
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Articles by Korea Herald
