South Korean shares fall sharply after Samsung Electronics earnings
- The benchmark KOSPI was down 131.04 points, or 2.18%, at 5,881.40
South Korean stocks saw a sharp decline, led by Samsung Electronics' disappointing Q3 results, erasing earlier gains. The KOSPI fell significantly, though the won strengthened and bond yields decreased.
- Samsung Electronics' disappointing third-quarter earnings.
- KOSPI's sharp decline and market volatility.
- South Korean won and treasury bond market movements.
SEOUL: Round-up of South Korean financial markets:
South Korean shares erased early gains to fall sharply on Thursday, as Samsung Electronics slumped after announcing its third-quarter results.
The benchmark KOSPI was down 131.04 points, or 2.18%, at 5,881.40 as of 0132 GMT, after rising more than 1% earlier in the session.
Chipmaker Samsung Electronics erased early gains to fall 4.13%, after its third-quarter results, which showed net profit missing analyst expectations.
Peer chipmaker SK Hynix was up 1.14%, also cutting gains. South Korea’s finance minister vowed to respond immediately if market volatility heightens.
The Bank of Korea also said it was closely monitoring local financial market conditions.
Among other index heavyweights, battery maker LG Energy Solution slid 9.37%, while Hyundai Motor and sister automaker Kia Corp were down 2.70% and down 1.76%, respectively.
Steelmaker POSCO Holdings shed 3.01%, while drugmaker Samsung BioLogics rose 0.15%.
Of the total 912 traded issues, 118 shares advanced, while 766 declined.
Foreigners were net buyers of shares worth 380.8 billion won ($283.81 million).
The won was quoted at 1,332.4 per dollar on the onshore settlement platform, 0.72% higher than its previous close at 1,342.0.
In money and debt markets, December futures on three-year treasury bonds gained 0.13 point to 103.33.
The most liquid three-year Korean treasury bond yield fell by 4.2 basis points to 3.758%, while the benchmark 10-year yield fell by 1.6 basis points to 4.090%.
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