Seoul shares down 1.24 pct on weaker-than-expected Samsung earnings
SEOUL, Oct. 29 (Yonhap) -- South Korean shares dropped 1.24 percent Thursday, re...
South Korean stocks experienced a decline of 1.24 percent on Thursday, after Samsung Electronics reported weaker-than-expected third-quarter earnings. The Korean won appreciated against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) fell 74.78 points to close at 5,937.66, having previously risen to a high of 6,100.11.
The index started the day slightly higher, mirroring overnight gains on Wall Street following the Federal Reserve's decision to maintain its benchmark interest rate at 3.75-4 percent. However, the market turned bearish shortly before 10 a.m., in response to the release of Samsung's earnings, which fell short of analysts' expectations.
Samsung, the world's largest memory chipmaker, announced a record third-quarter operating profit of 107.44 trillion won (US$80.3 billion), marking a 783.1 percent increase from the previous year. Revenue also surged 126.9 percent to 195.25 trillion won, driven by strong demand for artificial intelligence (AI)-focused chips.
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