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Seoul shares to trade higher next week on ECB moves, eased U.S.-China trade tension

10:00 September 14, 2019

SEOUL, Sept. 14 (Yonhap) -- South Korean stocks are expected to gain further ground next week as eased trade tension between the United States and China, coupled with easing steps by Europe's central bank, boost investor sentiment.

The benchmark Korea Composite Stock Price Index (KOSPI) closed at 2,049.20 points on Wednesday, up 1.9 percent from Friday last week, on growing hopes for a reconciliation between Washington and Beijing over trade.

Reports that China is seeking to purchase more agricultural products from the U.S. amid the growing trade tension also buoyed the mood, analysts said.

The South Korean stock market was closed Thursday and Friday for the Chuseok holiday, the Korean autumn harvest celebration.

Most analysts expect the local stock market to expand gains next week.

"While there are also uncertainties over the conclusion of the U.S.-China high-level dialogue in October, investors are betting that the two sides will make progress in their yearlong negotiations," said Kim Joong-won, a researcher from Hyundai Motor Securities Co.

The European Central Bank (ECB) also announced a slew of easing measures, including a rate cut and a massive bond-buying program on Thursday to help the world's largest economic bloc grow.

This week, foreigners sold a net 38 billion won (US$31.9 million) while institutions scooped up a net 713 billion won. Individual investors sold a net 700 billion won.

Tech stocks, pharmaceuticals and chemicals were among the major winners this week.

colin@yna.co.kr
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