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Investors cautious on market direction
Saturday, 19, June. 2010



Korean shares finished 0.24 percent higher yesterday on continued foreign buying, but the gain was limited by the absence of fresh cues about the economy’s direction, analysts said. The local currency rose against the U.S. dollar.The benchmark Kospi added 4.03 points to 1,711.95, the highest close since May 4. Trading volume was light at 282.83 million shares worth 4.31 trillion won ($3.57 billion) with losers leading gainers 409 to 380.“With a lack of fresh momentum to inform investors of the economy, investors opted for the wait-and-see position,” said Kim Hyoung-ryoul, an analyst at NH Investment & Securities.

Although the benchmark index renewed a six-week closing high, the light trading volume indicated that investor expectations of additional gains remain low, analysts said.“After the Kospi broke the 1,700 level, it is entering a lull phase,” said Lim Dong-min, an analyst at KB Investment & Securities. “Expectations for further rise of stock prices are diminishing.”Foreign investors extended their buying streak to a sixth session, adding 166.3 billion won worth of local shares.




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