[Asia Economy Reporter Ji Yeon-jin] The domestic stock market started lower on the 7th following hawkish remarks from U.S. Federal Reserve (Fed) officials and Samsung Electronics' disappointing earnings announcement.
The KOSPI index opened at 2,217.84, down 20.02 points (0.89%). Samsung Electronics fell more than 1% after reporting an operating profit decline for the first time in three years, and SK Hynix also showed a decline of over 1%. As of 9:10 a.m., foreigners and institutions sold stocks worth 53.4 billion KRW and 7.8 billion KRW respectively, showing a combined selling dominance, while individual investors bought stocks worth approximately 60.9 billion KRW.
The KOSDAQ index also started lower at 700.71, down 5.30 points (0.75%). Foreigners and institutions sold stocks worth 53.4 billion KRW and 7.8 billion KRW respectively, showing a combined selling dominance, while individual investors bought stocks worth approximately 60.9 billion KRW.
Earlier, Samsung Electronics announced that its consolidated sales for the third quarter of this year reached 76 trillion KRW, with an operating profit of 10.8 trillion KRW. Compared to the previous quarter, sales decreased by 1.55% and operating profit fell by 23.4%. Compared to the same period last year, sales increased by 2.73%, while operating profit decreased by 31.73%. Samsung Electronics' quarterly sales have exceeded 70 trillion KRW for five consecutive quarters. However, operating profit declined on a quarterly basis compared to the same period last year for the first time in over three years since Q4 2019.
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