Retail investors sold U.S. big tech stocks and flocked to Samsung Electronics, SK hynix and construction stocks
South Korean retail investors sold U.S. large-cap technology stocks and actively bought Samsung Electronics and SK hynix. At the same time, mid-sized construction companies endured pressure from construction costs and 1quarterly results rebounded, while the Apgujeong5district bidding contest and controversy over opening delays after missing reinforcing bars at Hyundai Engineering & Construction’s Samseong Station project continued.
South Korean retail investors sold some U.S. large-cap technology stocks and then concentrated their buying on Samsung Electronics and SK hynix. Net purchases by some accounts returning to the Korean market approached 2trillion won within two months. Investors appeared to be weighing how to catch the last leg of the U.S. market rally.
Mid-sized construction companies endured pressure from rising construction costs, and 1quarterly results rebounded. The companies adjusted their cost burdens and reported signs of improvement in their quarterly earnings announcements. The industry is watching sales and order trends.
In the Apgujeong5district, DL E&C and Hyundai Engineering & Construction faced off over views of the Han River. The two companies are competing to secure those views. The project’s future design and contract terms are a focus of attention.
The opening was delayed after missing reinforcing bars were confirmed at Hyundai Engineering & Construction’s Samseong Station construction site. Seoul City and the company have continued to dispute who is responsible for the matter. The relevant authorities and the company are conducting additional inspections.
Stock market movements were influenced simultaneously by buying in semiconductor stocks and issues in the construction sector. Investor fund flows and on-site issues appear to have converged. Each company’s forthcoming disclosures and earnings announcements are important.