The South Korean stock market has experienced declines over the past three consecutive sessions, losing nearly 75 points or a 2.9 percent reduction. The KOSPI index currently hovers slightly above the 2,540-point level, with potential for recovery anticipated on Monday.
The outlook for Asian markets generally appears favorable, buoyed by strong earnings reports and renewed optimism concerning future interest rates. Following positive performances in European and U.S. markets, Asian exchanges are expected to follow this upward trend.
On Friday, the KOSPI concluded with a modest decline, influenced by mixed results among technology, chemical, and automobile sectors, while financial stocks experienced gains due to bargain hunting. Specifically, the KOSPI dropped by 13.79 points or 0.54 percent, concluding at 2,542.36, after fluctuating between 2,536.84 and 2,559.30. Trading volume reached 315.1 million shares, valued at 7.8 trillion won, with 599 stocks declining and 288 rising.
Noteworthy movements include Shinhan Financial surging by 5.26 percent, KB Financial increasing by 1.66 percent, and Hana Financial climbing by 2.00 percent. Conversely, Samsung Electronics fell by 1.52 percent, while Samsung SDI improved by 1.38 percent. Other notable changes included LG Electronics rising by 1.45 percent, SK Hynix dropping by 2.20 percent, Naver easing by 0.18 percent, and LG Chem strengthening by 1.44 percent. Lotte Chemical saw a decrease of 2.41 percent, whereas SK Innovation experienced a rally, gaining 3.75 percent. POSCO added 0.45 percent, SK Telecom gained 0.53 percent, KEPCO dipped by 0.22 percent, Hyundai Mobis decreased by 0.40 percent, Hyundai Motor fell by 0.70 percent, and Kia Motors accelerated by 2.61 percent.
The overall sentiment from Wall Street is optimistic, as major indices opened stronger on Friday, maintaining positive momentum throughout the day. The Dow Jones Industrial Average rose by 288.73 points or 0.69 percent to close at 42,052.19. The NASDAQ climbed by 144.77 points or 0.80 percent to finish at 18,239.92, and the S&P 500 increased by 23.35 points or 0.41 percent, ending at 5,728.80.
For the week, the Dow eased by 0.2 percent, the S&P 500 declined by 1.4 percent, and the NASDAQ dropped by 1.5 percent. The gains on Wall Street reflected positive reactions to favorable earnings reports from major companies such as Intel (INTC) and Amazon (AMZN).
Investors also carefully considered the Labor Department's jobs report, which indicated weaker-than-expected job growth for October. Although this data prompted concerns about economic strength, it also sparked renewed optimism regarding future interest rates.
In commodity news, oil futures saw slight gains on Friday amid concerns over Middle East tensions following reports of Iran's plans for further attacks on Israel. West Texas Intermediate Crude oil futures for December increased by $0.23 or 0.33 percent, closing at $69.49 per barrel.
