KOSPI 203.83points plunge at the open, Samsung Electronics and SK hynix both weaken
KOSPI 7 month 8 in early trading on the 203.83 points (2.66%) lower, opening at 7,452.48. Samsung Electronics was down in the 3% range in early trading and showed weakness in the pre-market session in the 4% range, while SK hynix also fell 4% in pre-market trading. Some major investors bought Samsung Electronics, while SK hynix was subject to profit-taking.
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KOSPI 7 month 8 in early trading on the 203.83 points (2.66%) lower, opening at 7,452.48. The decline centered on large-cap stocks led to weakness in the index.
Samsung Electronics opened down in the 3% range and showed weakness in the pre-market session in the 4% range. The weak trend continued from the previous day.
SK hynix fell 4% in pre-market trading. Reports indicated that some investors took profits in SK hynix.
Some individual high-net-worth investors were reported to have concentrated their purchases on Samsung Electronics while selling SK hynix. This net buying and net selling flow affected the day's supply and demand.
Securities firms also released reports. Kiwoom Securities lowered its target prices for Samsung Electronics and Hyundai Motor, focusing on the semiconductor and automobile sectors.
Selling pressure continued in the semiconductor sector. Weakness in the pre-market session in the 4percent range also affected trading during the session.
Meanwhile, there have been multiple reported cases of Samsung Electronics' share price falling even after past earnings announcements. Records show that the share price fell in 16cases out of 10earnings surprises.
The above reflects the market trends and stock-by-stock trading conditions reported on 7 month 7to8 day.