South Korean shares fall sharply after Samsung Electronics earnings
SEOUL: Round-up of South Korean financial markets: South Korean shares erased early gains to fall sharply on Thursday, as Samsung Electronics slumped after announcing its third-quarter results. The benchmark KOSPI was down 131.04 points, or 2.18%, at 5,881.40 as of 0132 GMT, after rising more than 1% earlier in the session. Chipmaker Samsung Electronics erased early gains to fall 4.13%, after its…
South Korean shares fell sharply on Thursday following disappointing third-quarter earnings from Samsung Electronics. The benchmark KOSPI index dropped 2.18% to 5,881.40 points, reversing earlier gains. The chipmaker's profit fell short of analysts' expectations. SK Hynix, another chip company, also saw its gains cut, while other major firms like LG Energy Solution, Hyundai Motor, Kia Corp, and POSCO experienced declines.
The finance minister pledged a swift response to any market volatility, and the Bank of Korea closely monitored local financial conditions. Foreign investment in South Korean shares remained positive, with net buying worth 380.8 billion won. The Korean won strengthened slightly against the US dollar, and money markets saw gains in December futures for three-year treasury bonds.
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