Samsung Electronics reported operating profits that exceeded market expectations, yet the KOSPI index fell below 6,600. The decline was driven by simultaneous selling from foreign and institutional investors. Analysts noted that while Samsung's results were already factored into stock prices, concerns over interest rates and oil prices dampened investor sentiment.
On October 8, the KOSPI closed at 6,644.27, down 153.63 points (2.35%) from the previous trading day.
The index opened at 6,807.64, up 1.26 points (0.02%) from the last close, but quickly turned downward, widening its losses and ultimately dropping below the 6,700 mark.
Market attention was focused on Samsung's third-quarter earnings, which were announced before the market opened. The company reported a revenue of 195 trillion won, a 126.6% increase compared to the same period last year. Operating profit reached 107.4 trillion won, marking a 782.5% year-on-year increase.
These figures surpassed the previous record set in the second quarter (April to June), which had revenues of 171.5 trillion won and operating profits of 89.5 trillion won. Notably, the operating profit slightly exceeded the consensus estimate of 106 trillion won compiled by financial information provider FnGuide.
Despite the strong earnings report, Samsung's stock price fell. It initially rose by over 1% in pre-market trading but closed down 2.05% during regular trading hours. The stock was among the top sold by institutions, which offloaded 317.5 billion won worth of shares.
In the broader securities market, foreign and institutional investors sold a net 2.4491 trillion won and 1.97 trillion won, respectively, while individual investors purchased a net 3.6411 trillion won.
Most of the top market capitalization stocks also showed weakness. SK Square fell 7.88%, Samsung Electro-Mechanics dropped 3.43%, Hyundai Motor declined 3.27%, KB Financial fell 2.91%, and SK Hynix decreased by 2.21%. Among the top 10 stocks by market capitalization, only LG Energy Solution saw an increase of 2.81%.
The KOSDAQ index closed at 892.38, down 6.01 points (0.67%) from the previous trading day. In the KOSDAQ market, individual and foreign investors bought a net 50.4 billion won and 54.2 billion won, respectively, while institutions purchased a net 96.3 billion won.
Stocks such as Alteogen (-6.03%), EcoPro (-0.22%), and Rainbow Robotics (-3.58%) fell. Conversely, Juseong Engineering (8.08%), Rino Technology (3.29%), and Wonik IPS (1.98%) saw gains.
Sector-wise, concerns over the strengthening won impacted export-oriented stocks, particularly in the automotive sector. The decline in the won-dollar exchange rate raised worries about the profitability and performance of export companies. Analysts predict that the exchange rate could fall to the low 1,300s by year-end.
Lee Kyung-min, a researcher at Daishin Securities, stated, "Samsung's operating profit of 107 trillion won exceeded market expectations, but it was partially priced in. Amid pressures from interest rates and oil prices, the market, which was looking for a turnaround following Samsung's earnings announcement, appears to have been discouraged by the drop in Samsung's stock price."
* This article has been translated by AI.
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