The South Korean stock market has seen an increase for consecutive sessions, amassing approximately 40 points or 1.6%. The KOSPI, South Korea's stock market index, now slightly exceeds the 2,680-point mark, though the upward trajectory may pause on Monday.
In a global perspective, Asian markets are predicted to experience a downturn, with energy and technology stocks expected to bear the brunt of this. European markets have presented a mix of results, maintaining slight changes, whereas U.S. markets saw a decline. Asian markets are likely to present varying results in response.
On Friday, The KOSPI achieved a remarkable rise, driven by advancements in technology stocks, along with the industrial and energy sectors. The index rose by 32.73 points or 1.24%, closing at 2,680.35. A volume of 444.9 million shares exchanged hands, valued at 11.1 trillion won, with 520 stocks gaining and 350 shedding value.
Active companies to note include Shinhan Financial, which rose by 1.32%, whereas KB Financial saw a drop of 0.42% and Hana Financial slipped by 0.17%. Samsung Electronics and Samsung SDI saw an increase of 1.52% and 3.40% respectively, while LG Electronics rose by 0.74%. Moreover, SK Hynix surged by 4.24%. Despite these gains, Naver retracted by 0.53% and Lotte Chemical fell by 0.33%.
In news from Wall Street, the major averages fell into the negative territory, despite an initially positive start. The Dow fell by 68.71 points or 0.18% to finish at 38.722.69, while the NASDAQ dropped by 188.29 points or 1.16% to end at 16,085.11. Similarly, the S&P 500 declined by 33.67 points or 0.65% to close at 5,123.69. Over the week, the NASDAQ lost 1.2%, the Dow declined by 0.9%, and the S&P eased by 0.3%.
On the other hand, the Labor Department's closely tracked monthly jobs report presented an optimistic outlook for interest rates based on February's strong job growth. However, noteworthy declines in job growth over the past two months and an unexpected rise in unemployment contributed to the anticipation that the Federal Reserve will reduce interest rates come June.
Traders, however, have been cautious about purchasing stocks ahead of the upcoming release of crucial inflation data that can potentially influence rate outlooks to a greater degree.
Friday also saw a drop in oil prices due to uncertainty about demand forecasts, particularly in connection to China, following data showing a decrease in the country's oil imports in the first two months of the year. Consequently, West Texas Intermediate Crude oil futures for April declined by $0.92 or 1.2% to $78.01 a barrel. Over the week, WTI crude futures sank by 2.5%.
