KOSPI 'Declines'... Samsung Electronics Earnings Strong but Stays in '60,000 Won Range'

[Image source=Yonhap News]

[Asia Economy Reporter Junho Hwang] On the 7th, the stock market saw an increased decline compared to the early session as net selling by foreign investors and institutional investors continued.

As of 10:30 AM, the KOSPI stood at 2712.20, down 0.83% from the previous close. Although individual investors purchased stocks worth 307.4 billion KRW, foreign and institutional investors showed net selling intentions of 182.6 billion KRW and 116.9 billion KRW respectively, causing the KOSPI to remain in a downward trend.

Among all listed stocks, only 162 stocks rose. Among the top market capitalization stocks, those that showed a decline in the early session turned to an upward trend. At this time, Samsung Biologics is trading at 815,000 KRW, up 0.25% from the previous close. Samsung Electronics Preferred Shares and Hyundai Motor are also up 0.32% and 0.83%, respectively.

Before the market opened, Samsung Electronics announced that its consolidated operating profit for the first quarter of this year reached 14.1 trillion KRW, a 50.32% increase compared to the same period last year. This also surpassed the average operating profit forecast of 13.0849 trillion KRW compiled by securities firms until the previous day. Sales recorded 77 trillion KRW, up 17.76% from the same period last year, marking the highest ever for a first quarter. This is the first time quarterly sales have exceeded 70 trillion KRW. However, as of now, Samsung Electronics is trading at 68,500 KRW, up 0.01%.

By industry, only the textile and apparel sector rose by 0.08%. In contrast, transportation and warehousing (2.28%), electric and gas (1.87%), and paper and wood (1.71%) sectors recorded significant declines compared to other industries.

The KOSDAQ index fell 10.14 points (1.08%) to 932.99. Similarly, individual investors showed net buying of 285.9 billion KRW, while foreign and institutional investors showed net selling intentions of 183.7 billion KRW and 116.9 billion KRW respectively, leading to a decline in the index.

Among all stocks, 221 stocks showed an upward trend. Among the top market capitalization stocks, EcoPro BM, which took the top spot in KOSDAQ market cap yesterday, rose 2.19%. Celltrion Healthcare (0.64%) and L&F (0.26%) also showed slight increases. By industry, other manufacturing rose slightly by 0.14%, led by gains in WI (4.98%), Novatech (2.40%), and Duoback (0.70%).