The South Korean stock market may gain ground next week, but advances are not likely to be large amid nagging concerns about the global economy, analysts said Saturday.

The benchmark Korea Composite Stock Price Index finished at 1,891.43 this week, down 2.7 percent from a week earlier, beset by the eurozone debt problems and weak corporate earnings results.

The KOSPI fell below the 1,900-point for the first time in more than one month Friday after the central bank said that Korea's third-quarter growth slowed to a nearly three-year low.

Analysts said the KOSPI may gain ground in range-bound trading next week, but advances are not likely to be large enough to cause an upside trend.

"The traction of the KOSPI would hinge on the recovery of the global economy. Next week, the Seoul market may trade higher, but this is not the time to anticipate sustained upward movement," said Cho Byung-hyun, an analyst at Tong Yang Securities Co.

"Uncertainty surrounding the U.S. presidential election and rows over the fiscal cliff will persist," he said, referring to the automatic tax increases and spending cut in the U.S.

Market watchers said that investors would remain cautious ahead of the impending leadership changes in the U.S. and China.

"The KOSPI may test the 1,870 level next week. With a lack of market leads, investors are likely to take a wait-and-see approach next week," said Han Beom-ho, an analyst at Shinhan Investment Corp.

South Korea plans to release data on its September factory output and October trade figures in the coming week. The U.S. data on unemployment and an index by the Institute for Supply Management will be due out as well. (Yonhap News)