Samsung Electronics, SK hynix shares fall as U.S. tech stocks decline

Finance

Samsung Electronics, SK hynix shares fall as U.S. tech stocks decline

Published: 04 Sep. 2024, 11:29

SHIN HA-NEE
shin.hanee@joongang.co.kr

Nvidia headquarters in Santa Clara, California [REUTERS/YONHAP]

Korean tech giants Samsung Electronics and SK hynix are trading lower on the Kospi bourse Tuesday morning, following overnight declines in U.S. tech stocks.

Samsung Electronics was down 2.62 percent from the previous session, at 70,600 won ($52.60) as of 11 a.m., after dipping 3.72 percent right after the market opened.

SK hynix, a memory chip supplier for Nvidia, was trading at 157,200 won, down 6.60 percent. Its share price plunged as much as 9.15 percent immediately after the market opened.

The drop was triggered by a decline in U.S. chip shares as weaker-than-expected manufacturing data reignited concerns over an economic contraction.

Nvidia shed 9.53 percent on the tech-heavy Nasdaq on Monday, while Intel fell 8.8 percent and Micron lost 7.96 percent.

BY SHIN HA-NEE [shin.hanee@joongang.co.kr]