S.Korea stocks subdued despite record earnings from Samsung

* Samsung says Q2 earnings likely hit record
* But traders say that was largely expected, priced in
* KOSPI flat, won hardly moves
* Major central banks in focus -analyst

SEOUL, July 7 (Reuters) – South Korean shares were flat on
Friday even after tech giant Samsung Electronics
said its quarterly operating profit likely hit an all-time high.
The global memory chip leader said second-quarter operating
profit likely jumped 72 percent from a year earlier to 14
trillion won ($12.11 billion). But traders said that share
markets had already priced in expectations for robust
profit-growth.
The Korea Composite Stock Price Index (KOSPI) was
down 0.3 percent at 2,381.80 points at 0200 GMT.
“Market players were expecting over 13 trillion won of
quarterly profit (at Samsung), so 14 trillion won is not that
much of a surprise,” said Rhoo Yong-seok, an analyst at KB
Securities.
Samsung was trading down 0.2 percent after opening 0.7
percent lower than its last close.
Rhoo added that the Seoul bourse as a whole seemed to be
taking a breather amid growing uncertainty regarding monetary
policy at major central banks.
Offshore investors were set to be net sellers, offloading
60.4 billion Korean won’s worth of KOSPI shares near the middle
of the session.
LG Electronics lost 1.7 percent, while LG
Display dropped 2.1 percent. Decliners outnumbered
advancers by 500 to 287.
The South Korean won barely moved, standing at
1,156.7 to the dollar versus Thursday’s close of 1,157.4.
September futures on three-year treasury bonds shed
0.06 point to 109.09.

0200 GMT Prev close
Dollar/won 1,156.7 1,157.4
Yen/won 10.1662/76 10.2097
*KTB futures 109.09 109.15
KOSPI 2,381.80 2,387.81
* Front-month futures on three-year treasury bonds

(Reporting by Dahee Kim; Editing by Joseph Radford)

Leave a Reply

Your email address will not be published.