1 week ago
Seoul Stocks Extend Losses as Investors Take Chip Profits
South Korean stocks fell on Monday morning.
Many investors sold technology and chip company shares to lock in recent profits.
The main stock index, called the KOSPI, dropped more than 2%.
Samsung Electronics was one of the biggest decliners, falling 7.28%.
Investors were disappointed with details of Samsung’s plan to return money to shareholders.
The plan could involve up to 110 trillion won in total payouts.
Investors are also waiting for Nvidia’s earnings report for clues about the artificial intelligence market.
They are watching meetings by the U.S. Federal Reserve and the Bank of Korea this week.
The KOSPI fell 153.42 points, or 2.22%, to 6,759.53 by 11:18 a.m. Monday.
Investors sold large-cap technology shares, including semiconductor stocks, after recent gains.
Samsung Electronics dropped 7.28% after investors were disappointed by its shareholder return plan.
Samsung’s plan targets up to 110 trillion won in payouts, including about 30 trillion won in third-quarter cash dividends.
Investors are watching Nvidia’s earnings, the Federal Reserve’s Jackson Hole meeting, and the Bank of Korea’s policy meeting.
- Who
- South Korean stock investors, large technology companies, Samsung Electronics, and other major listed firms.
- What
- The KOSPI extended its losses as investors took profits from large-cap chip and technology shares.
- Where
- Seoul, South Korea.
- When
- Monday morning, with the KOSPI data reported at 11:18 a.m. local time and the won data at 11:20 a.m.
- Why
- Investors locked in gains from chip stocks, reacted negatively to Samsung Electronics’ shareholder return plan, and awaited Nvidia’s earnings and central-bank meetings.
Key facts
- KOSPI level
- 6,759.53 at 11:18 a.m. Monday
- KOSPI change
- Down 153.42 points, or 2.22%
- Samsung Electronics
- Down 7.28%
- Samsung payout target
- Up to 110 trillion won, including about 30 trillion won in third-quarter cash dividends
- South Korean won
- Trading at 1,377.5 won per U.S. dollar, up 8.5 won from the previous close
- Recent Wall Street performance
- The S&P 500 and Nasdaq each closed 0.43% higher last week
Sources
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