Samsung Electronics, SK hynix shares slip amid U.S. labor market concerns

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Samsung Electronics, SK hynix shares slip amid U.S. labor market concerns

Published: 09 Sep. 2024, 11:34

LEE JAE-LIM
lee.jaelim@joongang.co.kr

Samsung Electronics' Seocho headquarters in southern Seoul [YONHAP]

Shares of Samsung Electronics and SK hynix are slipping due to a weaker-than-expected increase in the U.S. employment rate, reflecting concerns that a labor market slowdown could affect the AI chip industry.

Samsung Electronics shares fell 2.61 percent to trade at 67,100 won ($50) as of 11:16 a.m. on Monday, while SK hynix shares dropped 2.37 percent to trade at 152,700 won.

The U.S. Bureau of Labor Statistics reported on Friday that employers added 142,000 jobs in August, fewer than the 165,000 expected by economists.

Following the report, the Philadelphia Semiconductor Sector Index fell 4.5 percent on Friday and shares of other major chip companies also took a hit. Broadcom plunged 10 percent, Super Micro Computer dropped 6.8 percent, Nvidia fell 4.1 percent and both Micron and Qualcomm decreased by 3.4 percent.

BY LEE JAE-LIM [lee.jaelim@joongang.co.kr]