Seoul shares opened lower on Tuesday after Samsung Electronics released its second-quarter earnings estimate, prompting profit-taking in tech stocks. The KOSPI fell 130.85 points, or 1.6 percent, to 7,920.48 at the open.
Seoul shares opened lower Tuesday, bucking overnight gains on Wall Street, on profit-taking after Samsung Electronics released its preliminary second-quarter earnings estimate.
The benchmark KOSPI fell 130.85 points, or 1.6 percent, to 7,920.48 at the opening bell. Samsung Electronics estimated its April-June operating profit at 89.4 trillion won, beating market forecasts, though the figure reflects provisions for employee bonuses.
Market bellwether Samsung Electronics lost 3.9 percent, while chip giant SK hynix declined 1.2 percent ahead of its planned $29 billion U.S. listing later this week. Hyundai Motor dropped 4.9 percent and Hanwha Aerospace shed 7.9 percent.
