Seoul shares seen rangebound; Samsung Elec eyed
SEOUL: Seoul shares are likely to move sideways on Thursday after recent rises, with a rate hike in China and a downgrade of Portugal's credit rating renewing jitters about the global economy, analysts said.
"The KOSPI is unlikely to move much today. There is also desire for profit-taking after recent gains," said Oh Hyun-seok, an analyst at Samsung Securities.
US stocks posted limited gains overnight, pressured by news on China and Portugal.
The Korea Composite Stock Price Index (KOSPI) ended up 0.44 percent at 2,171.19 points on Wednesday, its sixth consecutive session of gains.
Eyes will be on shares of Samsung Electronics after the tech bellwether estimated before the opening bell that its April-June operating profit would fall 26 percent.
Copyright Reuters, 2011
Comments
Comments are closed for this article.