Global Market: Kospi slips as Samsung, SK Hynix decline before earnings

South Korean shares fell on Tuesday as trading resumed after a long holiday weekend, with chipmakers declining ahead of Samsung Electronics' third-quarter earnings report later this week, according to a report by Reuters.

The benchmark Kospi was down 34.41 points, or 0.49%, at 6,969.33 as of 0129 GMT. Local markets were closed on Monday for a public holiday.

Chipmakers led the decline, with Samsung Electronics falling 0.36% and SK Hynix losing 2.72%. Investors are awaiting Samsung's earnings, with the results expected to provide clues on the outlook for the broader semiconductor sector and whether they could prompt upward revisions to earnings forecasts, Reuters reported, citing Kiwoom Securities analyst Han Ji-young.


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Foreign investors were net sellers of South Korean shares worth 564.5 billion won ($420.15 million), adding to the pressure on the market.

South Korea's finance minister said economic growth was expected to be in the 3% range this year, as growth momentum continued to broaden.

Among other major stocks, battery maker LG Energy Solution gained 1.75%, while Hyundai Motor and Kia rose 1.01% and 0.18%, respectively. Steelmaker POSCO Holdings advanced 0.64%, while Samsung BioLogics fell 1.70%, the report stated.

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Of the 913 traded stocks, 411 advanced and 448 declined.

The Korean won was quoted at 1,343.0 per dollar on the onshore settlement platform, down 0.04% from its previous close of 1,342.4.

In the bond market, December futures on three-year Korean Treasury bonds fell 0.01 point to 102.63. The most liquid three-year Treasury yield rose 0.7 basis point to 3.937%, while the benchmark 10-year yield eased 0.4 basis point to 4.382%.

Investors will now turn their focus to Samsung Electronics' earnings for further signals on chip demand, corporate profitability and foreign investor sentiment toward South Korean equities.

(Disclaimer: This article is based on inputs from agencies. These do not represent the views of The Economic Times)