Over the past three trading sessions, South Korea's stock market has experienced a decline, losing nearly 40 points, or about 1.6%. The KOSPI index currently hovers slightly above the 2,590 mark, with potential signs of stabilization come Monday.
The outlook for the Asian markets is optimistic, buoyed by positive earnings reports globally. While European markets presented mixed results, U.S. indices saw an upward trend, setting the stage for potential gains in Asia as well.
On Friday, the KOSPI saw a modest decline, primarily due to weak performances in the technology and automotive sectors, while financial and chemical stocks showed mixed results. The index dropped by 15.48 points, or 0.59%, closing at 2,593.82, with trading activity recorded between 2,587.96 and 2,618.32. Approximately 259.1 million shares were traded, amounting to a value of 8.1 trillion won, with 589 decliners and 267 advancers.
Key movements among active stocks included Shinhan Financial's decline of 0.53%, KB Financial's modest rise of 0.75%, Samsung Electronics' fall of 0.84%, and SK Hynix's significant drop of 4.44%. Meanwhile, Naver rose by 1.03%, Lotte Chemical increased by 1.01%, and SK Telecom surged by 1.81%. Hyundai Motor fell by 0.42%, and Kia Motors saw a slight reduction of 0.11%.
The positive news from Wall Street is driving optimism, as major indices started mixed on Friday but gained momentum, closing near their session highs. The Dow advanced by 36.86 points, or 0.09%, to hit a new record of 43,275.91. The NASDAQ rose by 115.94 points, or 0.63%, reaching 18,489.55, while the S&P 500 increased by 23.20 points or 0.40% to close at 5,864.67. Over the week, the Dow climbed 1.0%, the S&P gained 0.9%, and the NASDAQ grew by 0.8%.
In particular, the NASDAQ was bolstered by a substantial 11.1% rise in Netflix shares, as the streaming service exceeded expectations with its Q3 results. Conversely, American Express shares limited the Dow's gains, dropping 3.2% due to weaker-than-expected revenues despite strong earnings.
Elsewhere, the U.S. Commerce Department reported a slight decrease in housing starts and building permits in September, while oil prices declined. West Texas Intermediate (WTI) crude fell by $1.45 or 2.05% to $69.22 per barrel on Friday, with a weekly drop of over 8%, following revised lower demand forecasts from OPEC and the International Energy Agency.
