South Korean share prices are expected to undergo a short-term correction in the coming week because of concerns over high oil prices and other external factors, dealers said Friday.
"The market is expected to remain weak next week with sentiment weakened by negative external factors such as China's belt-tightening measures," Dongbu Securities analyst Lim Dong-Min said. For the week to October 19, the benchmark KOSPI index lost 56.34 points or 2.8 percent, closing at 1,970.10.
Lim, however, said the market would rebound after undergoing a correction. Daishin Securities analyst Kim Yong-Kyun agreed that the impact of high oil prices could be contained as the stress on the energy-dependent manufacturing sector would be offset by a surge in new orders from the oil-rich Middle East.
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