Kospi dips slightly following Samsung Electronics' subpar earnings

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Kospi dips slightly following Samsung Electronics' subpar earnings

Published: 08 Oct. 2024, 18:30 Updated: 08 Oct. 2024, 19:17

CHO YONG-JUN
cho.yongjun1@joongang.co.kr

A screen in Hana Bank's trading room in central Seoul shows the Kospi closing at 2,594.36 points on Tuesday. [YONHAP]

Stocks finished lower Tuesday due to weaker-than-expected earnings results by Samsung Electronics and overnight U.S. stock losses. The local currency fell against the U.S. dollar in value.

The benchmark Kospi dropped 0.61 percent, or 16.02 points, to 2,594.36.

Trading volume was moderate at 313 million shares worth 8.98 trillion won ($6.65 billion), with losers outpacing gainers at 569 to 305.

Institutions and foreign investors together sold a net 72 billion won, while retail investors bought a net 69 billion won.

Overnight, U.S. stocks fell across the board after Treasury yields hit their highest levels since the summer following stronger-than-expected employment data for September and rising oil prices.

The Dow Jones Industrial Average dropped 0.94 percent, the S&P 500 slumped 0.96 percent and the tech-heavy Nasdaq composite also fell 1.18 percent.

SK hynix shares plunged 3.73 percent to 178,000 won.

Bio and automotive shares also fell to negative terrain. Celltrion lost 1.19 percent to end at 191,200 won and Hyundai Motor slipped 0.4 percent to 246,000 won. Kia also closed 0.8 percent lower at 99,600 won.

In contrast, defense-related shares continued to rise amid ongoing tensions in the Middle East. Defense equipment manufacturer Hanwha Aerospace rose 3.7 percent to 364,500 won.

Entertainment shares rose on Tuesday, with HYBE jumping 3.05 percent to 178,000 won and JYP Entertainment rising 3.39 percent to 51,800 won.

Game developer shares were mixed, with Nexon Games slipping 3.95 percent to 15,560 won and NCSoft falling 2.67 percent to 218,500 won. Netmarble shares rose 2.51 percent to 61,300 while Crafton shares rose 2.19 percent to 326,000 won.

The local currency was trading at 1,349.7 won against the dollar at 3:30 p.m., up 3 won from the previous session. The Kosdaq lost 2.77 points, or 0.35 percent, to close at 778.24.

Bond prices, which move inversely to yields, closed mixed. The yield on three-year government bonds lost 3.1 basis points to close at 2.929 percent, and the return on the benchmark U.S. 10-year government bond increased 7.2 basis points to 4.030 percent.

BY CHO YONG-JUN, YONHAP [cho.yongjun1@joongang.co.kr]