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Seoul shares plunge nearly 5% on tech stock losses, Samsung earnings

En resumen

Seoul shares dropped nearly 5% on Tuesday, with the KOSPI index closing down 4.91% at 7,656.31.
The decline was driven by technology stocks, particularly Samsung Electronics, which released preliminary second-quarter earnings that beat forecasts.
The Korean won also weakened against the U.S. dollar.

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Por qué importa

Seoul shares experienced a sharp decline, with the KOSPI index falling significantly. This downturn was primarily influenced by losses in technology stocks, following Samsung Electronics' release of its preliminary second-quarter earnings.

Tamaño de fuente

SEOUL, July 7 (Yonhap) -- Seoul shares plummeted nearly 5 percent Tuesday as technology stocks extended losses after Samsung Electronics Co. released its preliminary second-quarter earnings estimate. The Korean won fell against the U.S. dollar.

After opening 1.6 percent lower, the benchmark Korea Composite Stock Price Index (KOSPI) extended losses, falling 395.02 points, or 4.91 percent, to close at 7,656.31.

Trade volume was heavy at 512.29 million shares worth 39.66 trillion won (US$25.9 billion), with decliners outnumbering gainers 509 to 358.

Institutions and foreigners sold a net 309.1 billion won and 2.92 trillion won worth of stocks, respectively, while individuals purchased a net 3.13 trillion won.

Technology stocks plunged on profit-taking after Samsung Electronics estimated its operating profit for the April-June period at 89.4 trillion won, beating market forecasts.

Market bellwether Samsung Electronics fell 7.4 percent, while chip giant SK hynix declined 6.4 percent ahead of its planned $29 billion U.S. listing later this week.

The Korean won was trading at 1,528.20 won per U.S. dollar as of 3:30 p.m., down 2.1 won from the previous session.

The Korea Exchange (KRX), the country's bourse operator, activated a circuit breaker for the benchmark index, suspending trading of KOSPI-listed shares for 20 minutes after the index plunged more than 8 percent during the session.