KOSPI Falls Below 2700 During Trading Session

[Image source=Yonhap News]

[Asia Economy Reporter Hwang Junho] On the 7th, the KOSPI index fell below the 2700 mark during trading hours.

At around 11:24 AM that day, the KOSPI recorded 2699.91, retreating from the 2700 level. This was the first time since the 22nd of last month that the KOSPI fell below 2700 during trading hours.

On that day, individual investors made net purchases worth 553.6 billion KRW, but foreign and institutional investors made net sales of 315.6 billion KRW and 234.1 billion KRW respectively, causing the market to remain in a downward trend.

In particular, Samsung Electronics, the unwavering market leader, failed to recover the 70,000 KRW per share level despite strong first-quarter earnings this year. Before the market opened, Samsung Electronics announced that its consolidated operating profit for the first quarter of this year reached 14.1 trillion KRW. This represents a 50.32% increase compared to the same period last year. It also exceeded the average operating profit forecast of 13.0849 trillion KRW compiled by securities firms up to the previous day. Sales recorded 77 trillion KRW, a 17.76% increase compared to the same period last year. This is the highest ever for a first quarter. It is also the first time quarterly sales have exceeded 70 trillion KRW.

This content was produced with the assistance of AI translation services.