HONG KONG (Yonhap News) ― The South Korean stock market has received neither a boost nor a drag from last week’s rate cuts in China and Europe as it is more affected by their macroeconomic data, Goldman Sachs said Monday.

Last Thursday, the People’s Bank of China, China’s central bank, and the European Central Bank concurrently announced rate cuts in an apparent attempt to boost their weakening economies.

The rate cuts did not affect the South Korean market directly, but China’s macroeconomic data, including its gross domestic product to be released this week, will likely impact the Seoul bourse more, the investment bank said in a report.

South Korea’s benchmark Korea Composite Stock Price Index closed at 1,858 on Friday, a mere 0.2 percent increase from a week earlier.

China’s GDP data comes after Premier Wen Jiabao warned last week China still faces huge downward pressure.

The world’s No. 2 economy is running at a generally stable pace, but there are still challenges, Wen said, adding Beijing should “preset and fine-tune its policies in a more aggressive manner,” while sticking to pro-active and prudent monetary policies.

Meanwhile, Goldman Sachs expected South Korea’s central bank will keep its policy rate on hold down the road, despite rate cuts by the PBOC and the ECB.

The Bank of Korea froze the key interest rate at 3.25 percent for the 12th consecutive month in June in the face of the eurozone debt crisis and the slowing global economy.

The country’s annual inflation growth hit a 32-month low of 2.2 percent in June, marking the fourth straight month that headline inflation remained in the 2 percent range.