South Korean stocks close down nearly 2% ahead of Samsung's third-quarter earnings

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3▲0 ▼3Impact / 5
Summary · why it matters

South Korea's benchmark composite index closed at 6,803.90 points, down 137.49 points, or 1.98%, today (Oct. 7), its second straight session of declines, pressured by a slump in technology shares amid concerns over oil prices rising again. Tech stocks led the market lower, with Samsung Electronics falling 1.29%, SK hynix dropping 2.82%, SK Square down 1.64%, and Samsung Electro-Mechanics sliding 4.24%. Brent crude for December delivery jumped 1.17% to 101.76 dollars a barrel in Asian morning trading, while WTI crude for November delivery climbed 1.26% to 90.57 dollars a barrel, after Iran-backed Houthis in Yemen launched attacks on Saudi Arabia, raising concerns about crude shipments from the Middle East. Analysts said investors were cautious ahead of Samsung Electronics' preliminary earnings report, prompting foreign and institutional investors to sell more shares than they bought. A survey of analyst estimates compiled by LSEG SmartEstimate indicated that analysts expect Samsung to post third-quarter operating profit of 106.1 trillion won, nearly nine times higher. Samsung will release its preliminary third-quarter results tomorrow (Oct. 8) before disclosing detailed figures later this month.

Impact on assets 4

Semiconductors▼
SK Hynix Inc
000660
▼ NegativeDemandrelevance

SK hynix dropped 2.82% as tech shares led the market lower amid cautious selling ahead of Samsung's earnings.

Samsung Electro-Mechanics
009150
▼ NegativeDemandrelevance

Samsung Electro-Mechanics slid 4.24% as technology shares slumped and investors sold ahead of Samsung's earnings.

Artificial Intelligence▲
Samsung Electronics Co Ltd
005930
± MixedCapitalrelevance

Samsung fell 1.29% ahead of its preliminary Q3 earnings report, with analysts expecting operating profit of 106.1 trillion won, nearly nine times higher.

Information Technology▼
SK Square Co Ltd
402340
▼ NegativeDemandrelevance

SK Square fell 1.64% amid the broad tech-led decline and cautious pre-earnings selling.