The Labour Party has won 30 of the 60 seats available to retain control of the Welsh parliament, the Senedd.
Results of 52 seats had been declared by Saturday afternoon.
Labour leader and First Minister Mark Drakeford said he will form a “stable and progressive” government.
He told BBC Wales that he would prefer to be in a position “where you have a government that is able to command a majority for the action that it needs to take on the floor of the Senedd.”
“Without trying to rush a decision at this time on a Friday, we’ll take a couple of days to make sure that we make the best decision that we can for Wales," he said.
The Conservatives won 12 seats, Plaid Cymru secured nine seats, and the Liberal Democrats have one seat.