Asian stocks slip as Samsung shares fall sharply

The MSCI Asia Pacific Index declined 0.3 percent amid broader losses in technology stocks. Samsung shares dropped more than 5 percent despite a strong profit increase.

The KOSPI Index fell 3.5 percent. SK Hynix Inc. shares retreated 1 percent as the company began formal marketing for a planned US listing.

Decliners slightly outnumbered gainers across the region. Technology stocks accounted for most of the downward pressure on the MSCI Asia Pacific Index.

Samsung reported that its quarterly profit rose 19-fold, yet the shares still posted sharp losses in the session.

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Illustration of Seoul stocks dropping on tech slump due to US-Iran uncertainty
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Seoul stocks open sharply lower on tech slump

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Seoul stocks opened sharply lower on Friday as investors paused after a tech rally amid uncertainty over the U.S.-Iran peace deal.

South Korean stocks opened sharply lower on June 11, tracking an overnight tech slump on Wall Street and escalating tensions between the United States and Iran.

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South Korean stocks started sharply lower Wednesday on news of new US strikes on Iran and overnight tech losses on Wall Street.

The KOSPI fell 1.31 percent at the open on Friday, June 26, following tech losses on Wall Street and profit-taking after the previous session's sharp rise.

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Seoul stocks opened slightly lower on Tuesday, tracking overnight losses in US tech shares. The KOSPI fell 0.34 percent to 9,083.54 at the opening bell.

Seoul stocks opened 1.2 percent higher on Friday as investors snapped up bargain-priced semiconductor shares following the previous session's sharp sell-off.

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South Korean stocks opened slightly lower on Friday amid persistent Middle East tensions and little progress in US-Iran peace talks. The KOSPI fell 7.21 points, or 0.11 percent, to 6,468.60 in the first 15 minutes of trading. The decline followed overnight Wall Street losses as investors stayed on the sidelines.

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