The South Korean stock market closed higher on Friday, extending its gains for the fourth straight trading session, as investor sentiment was buoyed by Finance Minister Kang Man-soo's forecast earlier in the day that South Korea will post a current account surplus next year, along with surpluses in November and December. However, the gains were capped after government data showed that South Korea's industrial production declined in October. The benchmark Korea Composite Stock Price Index or KOSPI closed up 12.6 points or 1.2% at 1,076.1.
In the currency market, the South Korean won ended the domestic session firmer against the U.S. dollar. The won closed at 1,469.0 a dollar compared to Thursday's close of 1,476.0 a dollar.
The U.S. markets were closed on Thursday for the Thanksgiving holiday.
Oil prices fell below $54 a barrel in Asian trading Friday, a day before an important OPEC meeting to be held in Cairo. New York's main futures contract, light sweet crude for January delivery, eased $0.94 to $53.50 a barrel by 3:23 a.m. ET. Oil closed at $54.44 a barrel on Wednesday in New York.
South Korea's industrial production decreased 2.4% year-on-year in October after rising 6.2% in September, the National Statistical Office reported Friday. Economists had predicted a 0.7% fall only. On month-over-month basis, output was down 2.3%, steeper than the 0.5% decline recorded in the preceding month, compared to a predicted 0.1% growth.
Meanwhile, South Korea's overseas debts reached a record high in the third quarter of the year as local banks and companies increased borrowing, the central bank said Friday. Foreign debts touched US$425.1 billion at the end of September compared to US$420.6 billion three months earlier, according to the Bank of Korea.
Banks and construction stocks led the market higher on expectations that the government-led economic stimulus measures and restructuring efforts will lead to their recovery.
Woori Finance Holdings jumped 4.7% and Hana Financial Group surged 6.4%. Building giant Daewoo Engineering & Construction advanced 3.8% and Kumho Industry soared 6.4%. Automaker Kia Motors jumped 8.0% on a report that its earnings will improve next year due to a weaker won.
However, shipbuilders lost ground, with shipyard Hyundai Heavy Industries plunging 4.1% and smaller Samsung Heavy Industries falling 2.0%.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.