KOSPI tumbles as Samsung Electronics falls below 300,000 won despite surprise 89 trillion won profit [fn morning market report]

[Financial News] Even after Samsung Electronics announced a record operating profit for the second quarter, the KOSPI is falling more than 4% as investors lock in gains.
According to the Korea Exchange, the KOSPI stood at 7,668.47 as of 10:25 a.m. on the 7th, down 4.74% from the previous trading day. The index opened at 7,919.20, down 1.64% from the previous session, and widened its losses after briefly losing the 8,000-point level.
In the Korea Exchange Main Board, foreign investors posted net sales of 1.1773 trillion won, extending their selling streak to 13 consecutive trading days through today. Institutions were also net sellers, offloading 265.4 billion won. Retail investors, meanwhile, bought 1.4242 trillion won worth of shares, supporting the market on their own.
Before the market opened, Samsung Electronics announced preliminary second-quarter results showing sales of 171 trillion won and operating profit of 89.4 trillion won. Operating profit surged 1,810.26% from a year earlier and beat the market consensus of 84.1606 trillion won by about 5 trillion won, marking a record high for the third straight quarter.
Despite the earnings report, major semiconductor stocks are falling together. Samsung Electronics has dropped more than 6%, slipping below the 300,000-won level. Most large-cap stocks are also weak. SK hynix (-5.46%), SK Square (-8.03%), Samsung Electronics preferred shares (-5.41%), Samsung Electro-Mechanics (-7.06%), and Hyundai Motor Company (-5.23%) are all down. By contrast, some stocks, including KB Financial Group (1.23%), Samsung Fire & Marine Insurance (0.15%), and LG Innotek (0.35%), are rising.
Han Ji-young, a researcher at Kiwoom Securities, said, "Samsung Electronics' preliminary second-quarter results came in above market expectations, which I view as a reassuring factor." She added, "However, since some had expected figures above the 90 trillion won range, the key point to watch today will be whether sell-on pressure emerges after the earnings release and whether investors continue chasing the stock higher."
At the same time, the KOSDAQ is trading at 835.85, down 1.30% from the previous day. The index opened at 843.74, down 0.39%, briefly rose, and then turned lower. In the KOSDAQ market, foreign investors and institutions are buying 128.8 billion won and 46.2 billion won worth of shares, respectively. Retail investors, on the other hand, are selling 173.9 billion won worth of shares.
Overnight, the New York stock market closed higher across the board as bargain hunting flowed into AI and semiconductor stocks. The Dow Jones Industrial Average rose 0.29% to top 53,000 for the first time, while the S&P 500 and Nasdaq Composite gained 0.72% and 1.12%, respectively.
fair@fnnews.com Han Young-joon Reporter