Samsung Electronics closes down over 2%... Foreign investors net sell 232.7 billion KRW

Foreigners' Net Selling for 12 Consecutive Trading Days

Yonhap News

Samsung Electronics closed down 2.52% amid foreign investors' 'selling' trend. Foreign investors have consecutively net sold Samsung Electronics for 12 trading days since November 27.

According to the Korea Exchange on the 17th, Samsung Electronics closed at 54,200 KRW, down 2.52% (1,400 KRW) from the previous day.

As foreign investors exit the domestic stock market and Samsung Electronics' earnings outlook for next year is revised downward, investor sentiment is interpreted to have further weakened. Securities firms have consecutively lowered their target prices.

Daol Investment & Securities presented a target price for Samsung Electronics at 77,000 KRW, 17% lower than before, on the same day.

Hanwha Investment & Securities also lowered the target price for Samsung Electronics by 18% to 73,000 KRW. Kim Kwangjin, a researcher at Hanwha Investment & Securities, said, "The shipment growth rates of DRAM and NAND are expected to be -8% and 0%, respectively, falling short of previous estimates," and lowered Samsung Electronics' Q4 operating profit forecast from 10.6 trillion KRW to 8.4 trillion KRW.

Researcher Kim also gave a negative outlook for next year's earnings. He added, "Next year's expected operating profit is also lowered from 46 trillion KRW to 35.1 trillion KRW."