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S KOREAN STOCKS LIKELY TO FURTHER WEAKEN ON SOARING OIL PRICES.
SEOUL, Aug 2 Asia Pulse - South Korean stocks are likely to slide further this week as investors' concerns about soaring oil prices become more pronounced, analysts said Saturday.
"The share prices may move in a 720-740 range, but the possibility cannot be ruled out that the market may come close to another low during the week due to a hike in oil prices," Goodmorning Shinhan Securities analyst Kim Hak-kyun said.
Recent oil price hikes have been a source of concern for South Korea, which is now counting on external demand for economic expansion amid still weak domestic demand.
Last week, the benchmark Korea Composite Stock Price Index (KOSPI) fell 0.29 per cent to close at 735.34 on Friday, marking the second straight weekly retreat.
Trading was also thin with the average daily trading volume reaching 337.2 million shares worth 1.31 trillion won (US$1.1 billion).
Oil prices posted record highs on Friday with crude oil for September delivery closing at $43.80 a barrel on the New York Mercantile Exchange, up $2.09 for the week, and up $6.66 from the month-ago close of $37.14.
London's Brent North Sea crude oil for September delivery also marched toward a 14-year high when it rose 35 cents to .60 a barrel in after-hours trading.
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Source: HighBeam Research, S KOREAN STOCKS LIKELY TO FURTHER WEAKEN ON SOARING OIL PRICES.