South Korean stocks will likely experience fluctuations next week on lingering concerns about Greek debts talks and the choppy Chinese market with bleak second-quarter earnings outlooks, analysts said.

The benchmark Korea Composite Stock Price Index (KOSPI) closed at 2,031.17 on Friday, down 3.48 percent from a week earlier due mainly to downbeat news from Greece and China.

The index plunged 2.4 percent on Monday, the largest fall in three years, after more than 60 percent of Greek voters rejected austerity programs in return for a bailout by eurozone creditors in a landmark referendum. 

The Greek vote cast doubts about the future of the single currency region and pushed down the index further on Tuesday and Wednesday.

KOSPI was also hit hard by the Chinese market, which had been in freefall in recent weeks, including a 5.9 percent plunge on Wednesday.

However, it bounced back 0.58 percent and 0.17 percent on Thursday and Friday, respectively, as the Chinese government's measures ended the rout in the benchmark Shanghai Composite index and Greece has submitted its reform plans to creditors to begin fresh negotiations.

Analysts said the external factors will continue to wield power over the South Korean market next week, making it more volatile.

The uncertainty over the Grexit concerns will be shrugged off only if European leaders reach agreement to give an additional bailout for Greece in a summit meeting on Sunday.

"The Chinese government has been trying to clip the wings of its unstable equity market, but its volatility is increasing," said Ko Seung-hee, an analyst from KDB Daewoo Securities Co. "KOSPI is expected to keep swinging up and down next week as China fluctuates."

Investors will pay attention to China's gross domestic product growth for the second quarter slated for release Wednesday, checking whether or not the world's second-largest country meets the market consensus of 6.8 percent, the analyst said.

U.S. Fed Chair Janet Yellen's parliamentary testimony on Wednesday and Thursday will also draw keen market attention as her comments will give a hint for a possible rate hike. (Yonhap)