[THE INVESTOR] South Korean share prices are likely to be stuck in a tight range next week, with a slight chance of them moving upward on eased Brexit woes, analysts said on July 9.


“The KOSPI will likely defend the 1,950-point level next week as problems stemming from Europe seem to be abating, but the index will still likely be at a lower level than the one seen immediately following the Brexit vote,” Bookook Securities analyst Kim Sung-hwan told Yonhap News. 

Investors were expected to stay on the sidelines as they wait for rate decisions from worldwide central banks. The European Central Bank is scheduled to hold its monetary policy meeting on July 21. 

On July 8, the benchmark index closed at 1,963.10, down 1.2 percent from a week earlier.
The South Korean currency closed at 1,161.80 won against the U.S. dollar, down 16.8 won from a week earlier.

Institutional investors remained net sellers for the past eight consecutive sessions in Seoul, offloading a net 910.66 billion won (US$785.19 million) worth of local shares this week.

Foreigners were also net sellers, dumping 54.68 billion won worth of stocks. Retail investors, however, purchased a net 715.02 billion won worth.

By Kim Ji-hyun (jemmie@heraldcorp.com)