The South Korean KOSPI index closed down 0.24% at 2,515.78 points. Despite this dip, the index rose 3% over the week, marking its largest weekly gain since mid-November 2024, and its third consecutive week of growth.
South Korea's acting President, Choi Sang-mok, emphasized the government's commitment to stabilizing the economy and closely monitoring financial markets to act when necessary. Hyundai Motor Co. (HYMTF, Financial) experienced a significant surge of 6.1%, following its collaboration with NVIDIA on artificial intelligence technology. Meanwhile, Kia Motors rose by 2.23%.
However, most other major index stocks, including chipmakers, battery manufacturers, e-commerce companies, and biopharmaceutical stocks, faced declines. According to Daishin Securities analyst Lee Kyoung-min, the market is taking a breather after recent sharp gains, while investors exercise caution ahead of the U.S. employment data release.
Surveys suggest that U.S. employment growth may have slowed to a still healthy level, with the unemployment rate steady at 4.2%. This reinforces the Federal Reserve's cautious stance on interest rate cuts this year.
