S. Korean shares to move in tight range next week

SEOUL, Sept. 29 (Yonhap) -- South Korean shares are expected to move within a narrow range next week as investors take to the sidelines ahead of earnings announcements, analysts said Saturday.

The benchmark Korea Composite Stock Price Index (KOSPI) closed at 2,343.07 points on Friday, slightly up from 2,339.17 points a week earlier.

After the market closed for three sessions earlier this week for Chuseok, Korea's autumn harvest celebration, the KOSPI jumped 0.7 percent on Thursday as investors' sentiment was boosted by the latest improvement in relations between the two Koreas.

The KOSPI, however, lost ground as foreigners went on a heavy selling spree targeting large-cap shares.

Next week, investors are likely to take a wait-and-see stance due to persistent worries over the trade war between the world's two largest economies and as companies get ready to announce third-quarter earnings.

"The KOSPI is forecast to move in the 2,300-2,380 range due to persistent jitters," Kim Byong-yeon, an analyst at NH Investment & Securities, said.

Telecom and insurance shares were among the major leaders this week, while tech and steel shares lost ground.

khj@yna.co.kr
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