[Asia Economy Reporter Hwang Yoon-joo] Samsung Electronics is down more than 1%. The price briefly fell below 60,000 KRW at the start of trading. This is due to a downward revision of the Q4 earnings forecast and the semiconductor sector's weak performance in the US stock market the previous day.
As of 9:35 AM on the 28th, Samsung Electronics is trading at 60,000 KRW, down 1,000 KRW (1.64%) from the previous trading day.
Right after the market opened, the price dropped to 59,800 KRW, breaking below 60,000 KRW. This is the first time Samsung Electronics has recorded a price in the 50,000 KRW range during intraday trading since November 7th (59,400 KRW).
The supply and demand situation appears weak. Currently, foreign investors are net selling stocks worth 6,669 million KRW. On the previous day (local time), the Philadelphia Semiconductor Index fell by 1.26% in the US stock market. Additionally, concerns over reduced product supply due to the spread of COVID-19 in China caused related stocks such as Apple to show weak performance.
Meanwhile, Hyundai Motor Securities announced that it has revised Samsung Electronics' Q4 sales and operating profit downward by 3.2% and 4.8%, respectively, to 78.5 trillion KRW and 7.45 trillion KRW.
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