Samsung Electronics and SK Hynix both experienced significant declines of over 4% during trading on June 29. This drop is attributed to profit-taking following a recent surge in stock prices, as major technology stocks in New York faced selling pressure, leading to a fifth consecutive day of losses for the NASDAQ index.
According to the Korea Exchange, as of 10:29 a.m., Samsung Electronics shares were trading at 323,500 won, down 4.71% from the previous session. SK Hynix shares also fell by 4.12%, reaching 2,563,000 won.
The New York stock market showed weakness across the board, particularly among large technology companies, as profit-taking emerged. The Dow Jones Industrial Average fell by 0.09%, the S&P 500 decreased by 0.05%, and the NASDAQ dropped by 0.24%. Although the NASDAQ initially rose due to bargain hunting, it ultimately surrendered those gains, closing lower for the fifth consecutive day.
The decline in domestic semiconductor stocks reflects the broader adjustment in U.S. technology shares. Analysts suggest that the recent surge in AI semiconductor expectations has fueled profit-taking sentiment, exacerbating the losses.
Additionally, Kiwoom Securities has revised its operating profit forecast for Samsung Electronics this year down to 89 trillion won, lower than previous estimates. However, the firm noted that this adjustment reflects one-time factors related to increased performance bonuses, maintaining a 'buy' rating and a target price of 430,000 won. They expect the third-quarter operating profit to align with previous forecasts at 114 trillion won, driven by an increase in market share for HBM4 and eSSD products.
* This article has been translated by AI.
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