Samsung Electronics stock had its worst day in three weeks, and the other memory stocks are lower as well

Samsung Electronics stock experienced its worst day in three weeks. This decline was attributed to investor disappointment with the company's recently announced shareholder return plan. The plan, which includes a cash dividend of around 30 trillion won in the third quarter, was valued between 90 trillion won and 110 trillion won.

The negative reaction to Samsung's shareholder return plan had a ripple effect on other memory-chip making rivals, causing them to trade lower as well. According to Yonhap News, the Korean stock market, measured by the Korea Composite Stock Price Index (KOSPI), fell sharply, dropping 215.99 points or 3.12 percent to 6,696.96.

Foreign and institutional investors were largely responsible for the sell-off, with a combined net sale of 4.97 trillion won, while retail investors bought a net 3.32 trillion won worth of shares. The Korean won rose against the US dollar on the day.

Brief written by urgent.news from MarketWatch, Yonhap News — 2 reports on this story. Machine-written — may contain errors; check the original before relying on it.