The South Korean stock market saw a rebound on Friday, following a brief pause in its upward momentum. After previously ending a three-day surge which had gained over 65 points or 2.7 percent, the KOSPI index now firmly sits just above the 2,500 mark, with potential for further gains anticipated on Monday.
The global market outlook remains optimistic, buoyed by rising oil prices. Both European and U.S. markets finished positively on Friday, and the same trend is expected to carry over to Asian markets as they open the new week.
On Friday, the KOSPI made modest gains, bolstered by an uptick in financial stocks, while other sectors such as technology, financial, and automotive showed mixed results. Overall, the index rose by 20.61 points or 0.83 percent, closing at 2,501.24, having fluctuated between 2,492.21 and 2,511.23 during the session. The day saw a trading volume of 534.9 million shares valued at 7.8 trillion won, with 514 stocks advancing and 356 declining.
In detail, Shinhan Financial edged up by 0.36 percent, KB Financial increased by 1.13 percent, while Hana Financial saw a 1.46 percent rise. In contrast, Samsung Electronics fell by 0.71 percent. Meanwhile, Samsung SDI climbed by 1.70 percent, LG Electronics posted a gain of 0.76 percent, and SK Hynix surged by 4.68 percent. Naver achieved a modest increase of 0.16 percent, LG Chem rallied by 1.19 percent, whereas Lotte Chemical dipped by 0.15 percent. Additionally, SK Innovation fell by 1.09 percent, POSCO eased down by 0.16 percent, SK Telecom spiked by 1.60 percent, KEPCO added 0.42 percent, Hyundai Motor grew by 0.70 percent, Kia Motors increased by 0.20 percent, and Hyundai Mobis remained unchanged.
Wall Street concluded the week on a high note, with major indices opening strong on Friday and maintaining their upward trajectory. The Dow Jones Industrial Average surged by 426.16 points or 0.97 percent, closing at a record 44,296.51. The NASDAQ saw a slight increase of 31.23 points or 0.16 percent, closing at 19,003.65, while the S&P 500 rose by 20.63 points or 0.35 percent, finishing at 5,969.34.
Over the week, the Dow climbed by 2.0 percent, both the NASDAQ and the S&P 500 each increased by 1.7 percent. This positive movement occurred despite a drop in Nvidia shares, which fell by 3.2 percent despite reporting stronger-than-expected third-quarter earnings and revenue.
In the U.S., revised data from the University of Michigan indicated a less-than-anticipated improvement in consumer sentiment for November. However, the index reached its highest position since April.
Oil prices surged on Friday due to escalating concerns over the Russia-Ukraine conflict. West Texas Intermediate Crude oil futures for January saw an increase of $1.14 or 1.6 percent, settling at $71.24 per barrel, marking a weekly gain of 6.5 percent for WTI crude futures.