Samsung Electronics reported earnings that exceeded market expectations, but its stock fell after an initial rise. Following a decline in all three major U.S. stock indices overnight, most of the KOSPI's top market capitalization stocks also showed weakness.
As of 9:23 a.m. on October 8, the KOSPI was down 22.90 points (0.44%) at 6,774.26 compared to the previous trading day.
In the securities market, foreign and institutional investors sold a net 545 billion won and 234.8 billion won, respectively, while individual investors bought a net 756.9 billion won.
Before the market opened, Samsung Electronics announced its preliminary earnings for the third quarter of 2026, reporting sales of 195 trillion won, a 126.6% increase from the same period last year. Operating profit reached 107.4 trillion won, up 782.5% year-on-year.
These figures surpassed the previous quarter's record earnings of 171.5 trillion won in sales and 89.5 trillion won in operating profit. Compared to the previous quarter, sales and operating profit increased by 13.7% and 20%, respectively. The operating profit slightly exceeded the consensus estimate of 106 trillion won compiled by financial information provider FnGuide. However, Samsung's stock, which initially rose by over 1% before the opening, was down 0.37%.
Most of the top market capitalization stocks were also weak, with SK Square down 1.4%, Samsung Electro-Mechanics down 0.4%, and Hyundai Motor down 2.98%. In contrast, LG Energy Solution rose 5.12%, and SK Hynix increased by 1.2%.
At the same time, the KOSDAQ index recorded a drop of 9.56 points (1.06%) to 888.58 compared to the previous trading day.
In the KOSDAQ market, individual investors bought a net 170.9 billion won, while foreign and institutional investors sold a net 149.9 billion won and 23.4 billion won, respectively.
Among the top market capitalization stocks, EcoPro rose 0.98%, EcoPro BM increased by 2.65%, and JUSUNG Engineering was up 1.01%, while Alteogen fell 6.03% and Rainbow Robotics dropped 2.01%.
Overnight, U.S. stock markets closed lower. The Dow Jones Industrial Average finished down 341.41 points (0.66%) at 51,179.87.
The S&P 500 index fell 17.16 points (0.22%) to close at 7,801.77, while the Nasdaq Composite dropped 61.20 points (0.22%) to finish at 27,538.69.
Long-term U.S. Treasury yields surged to their highest levels in over 20 years, putting pressure on the stock market. The yield on the 10-year Treasury note exceeded 5.36%, marking the highest level since 2002. The 30-year Treasury yield also rose to around 5.73%, the highest in 24 years.
Han Ji-young, a researcher at Kiwoom Securities, stated, "Today, despite the easing of the surge in U.S. 10-year Treasury yields and a reduction in the decline of U.S. stocks, the market is expected to show volatility as it digests the preliminary earnings announcement from Samsung Electronics, along with supply and demand issues related to the holiday and options expiration dates."
He added, "The focus should be on the changes in stock prices and foreign investor demand immediately after Samsung's preliminary earnings announcement, as well as the changes in profit estimates for 2027, rather than whether the results exceeded consensus expectations."
Han emphasized that since this announcement is preliminary, the lack of detailed figures may lead to temporary discrepancies in market interpretations regarding exchange rate impacts and performance by business segment. He also noted that short-term supply and demand issues could arise due to the market closure on Friday and ETF rebalancing on October 8 and 12, as well as options expiration on October 8.
* This article has been translated by AI.
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