Seoul shares open lower on profit-taking after Samsung Electronics earnings
Quick Look
- Seoul shares opened lower Tuesday, with the KOSPI falling 1.6% due to profit-taking after Samsung Electronics released its preliminary second-quarter earnings estimate.
- Local tech stocks declined as investors cashed in gains following Samsung's strong performance.
AI-generated summary
Why It Matters
Seoul shares opened lower Tuesday, influenced by profit-taking after Samsung Electronics released its preliminary second-quarter earnings estimate, which beat market forecasts.
SEOUL, July 7 (Yonhap) -- Seoul shares opened lower Tuesday, bucking overnight gains on Wall Street, on profit-taking after Samsung Electronics released its preliminary second-quarter earnings estimate.
The benchmark Korea Composite Stock Price Index (KOSPI) fell 130.85 points, or 1.6 percent, to 7,920.48 at the opening bell.
Local technology stocks fell on profit-taking after Samsung Electronics estimated its April-June operating profit at 89.4 trillion won (US$58.4 billion), beating market forecasts.
The estimate reflects provisions for employee bonuses. Excluding the provisions, operating profit is estimated at around 100 trillion won.
Market bellwether Samsung Electronics lost 3.9 percent, while chip giant SK hynix declined 1.2 percent ahead of its planned $29 billion U.S. listing later this week.
Open Questions
- Will SK Hynix's U.S. listing proceed smoothly?
- What will be the broader market reaction to Samsung's earnings?
