On Friday, the South Korean stock market concluded a two-day rally where it had gained over 25 points, marking an increase of 1%. The KOSPI index now rests just below the 2,725 threshold and is likely to face continued stagnation on Monday.
The global outlook for Asian markets remains unclear, with profit-taking expected to limit gains. European markets were weak, and U.S. exchanges showed mixed and minimal changes, suggesting that Asian markets might experience a split outcome.
The KOSPI saw a significant decline on Friday due to profit-taking activities in the financial, technology, and industrial sectors.
The index dropped 28.38 points, or 1.03%, to close at 2,724.62, its lowest point for the day, having reached up to 2,752.17 at its peak. The trading volume involved 561.1 million shares, valued at 10.3 trillion won. There were 574 declining stocks against 305 gainers.
Key performers included: Shinhan Financial, down 0.93%; KB Financial, down 1.11%; Hana Financial, down 0.79%; Samsung Electronics, down 1.02%; Samsung SDI, down 2.38%; LG Electronics, down 0.91%; SK Hynix, down 1.61%; Naver, down 0.64%; LG Chem, down 1.49%; Lotte Chemical, which surged 4.47%; S-Oil, down 1.01%; SK Innovation, down 1.82%; POSCO, down 1.12%; SK Telecom, down 0.38%; KEPCO, up 0.87%; Hyundai Motor, down 1.21%; Kia Motors, down 1.74%; and Hyundai Mobis, which remained unchanged.
Wall Street's mixed performance provided little direction, with the major indices opening and closing nearly flat.
The Dow Jones Industrial Average climbed 134.19 points or 0.34% to a record 40,003.59, the NASDAQ slipped 12.33 points or 0.07% to 16,685.97, and the S&P 500 rose 6.17 points or 0.12% to 5,303.27.
For the week, the NASDAQ increased by 2.1%, the S&P 500 by 1.5%, and the Dow by 1.2%.
The uneven trading on Wall Street reflects traders' hesitance to make substantial moves as they assess the recent market strength, which has led to new record highs.
In economic news, the Conference Board reported a continued decline in its reading of leading U.S. economic indicators for April.
Oil prices rose on Friday, driven by easing inflation, declining inventories, and optimism around potential interest rate cuts. West Texas Intermediate (WTI) crude oil futures for June rose to $80.06 per barrel, an increase of $0.79 or over 1%. For the week, WTI crude futures advanced by 2.3%.
