SEOUL: Seoul shares are likely to hold their ground on Friday having hit a near four-week low in the previous session, after Wall Street recovered from falls triggered by fears of a weaker-than-expected jobs report due later in the day.
"Even if the index retreats, it will be limited. Recent declines were driven by profit-taking as the index neared the key 2,000-point level, while continued net foreign buying during the past two sessions suggests a changing market direction," said Kim Ji-hyung, an analyst at Hanyang Securities.
Market volatility has increased since Federal Reserve Chairman Ben Bernanke's comments two weeks ago that the US central bank may decide to reduce stimulus measures in the next few policy meetings if data show the economy is improving.
The Korea Composite Stock Price Index (KOSPI) ended down 1.5 percent at 1,959.19 points, marking its lowest close Since May 13. The market was closed on Thursday for a national holiday. -Reuters
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