[Asia Economy Reporter Song Hwajeong] Samsung Biologics, which had shown a recent decline, has rebounded and reclaimed its position as the third-largest company by market capitalization.
As of 9:40 AM on the 14th, Samsung Biologics was trading at 743,000 KRW, up 1.78% (13,000 KRW) from the previous day. After three days of decline, it turned to an upward trend and regained the third place in market capitalization, which it had lost to Naver on the 10th.
Samsung Biologics reached an all-time high of 863,000 KRW intraday on the 15th of last month but then entered a consolidation phase with a continued decline. Based on the previous day's closing price, it has fallen more than 9% over the past month and is down 15.41% compared to its all-time high recorded a month ago.
This weakness was led by foreign investors. Foreigners recorded net selling for seven consecutive days until the previous day and sold off 320 billion KRW over the past month, appearing to realize profits.
Whether the adjustment will continue or shift to an upward trend remains to be seen for the time being. The second-quarter earnings are also expected to be favorable, and it is anticipated that the stock will resume its upward trend around the earnings announcement. According to financial information provider FnGuide, the consensus for Samsung Biologics' second-quarter earnings is sales of 234.8 billion KRW and operating profit of 59.7 billion KRW. Sales are expected to increase by 200.64% year-on-year, and operating profit is projected to turn positive.
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