S. Korea stocks to trade higher on bargain hunting

SEOUL, Dec. 30 (Yonhap) -- South Korean stocks are expected to trade higher next week as investors are set to scoop up undervalued shares especially in the information technology segment, analysts said Saturday.

The benchmark Korea composite Stock Price Index closed at 2,467.49 points on Thursday, up 1.1 percent from a week earlier.

After being closed on Monday for Christmas, the market closed bearish on Tuesday as investors took a wait-and-see stance on local chipmakers, after major tech suppliers in China lost ground on rising concern over the sales of Apple Inc.'s iPhone X.

The market rebounded on Wednesday as retail investors sought after bargains, but the growth was limited as the previous session marked the deadline for shareholders to obtain rights to receive dividends from shares.

South Korea's top shipbuilder Hyundai Heavy Industries also crashed 28.75 percent in Wednesday's session, after the firm announced that it will issue shares worth 1.3 trillion won.

The market on Thursday continued to gain ground amid reports that the undervalued shares listed there will rebound in January. Thursday marked the final trading session for 2017.

Foreigners bought a net 86.2 billion won (US$ 80 million) this week, while individuals offloaded a net 641 billion won. Institutions purchased a net 527.8 billion won worth of shares.

colin@yna.co.kr
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