Seoul shares open lower over weak Samsung earnings, US losses


Stocks in Seoul opened lower on Tuesday after Samsung Electronics reported weaker-than-expected earnings and US stocks experienced losses. The Korea Composite Stock Price Index dropped by 0.55 percent in the early minutes of trading, with Samsung Electronics attributing its underwhelming performance to lackluster results in its memory chip business. This news, coupled with rising Treasury yields and oil prices in the US, led to a broad decline in American stock indices, including the Dow Jones Industrial Average, S&P 500, and Nasdaq composite. Following Samsung's announcement, semiconductor shares, as well as bio and automotive stocks, saw declines, with Samsung Biologics and Hyundai Motor both experiencing losses. On the other hand, defense-related shares continued to climb amid tensions in the Middle East, with Hanwha Aerospace registering a 1.28 percent increase. The local currency also saw a slight uptick against the US dollar, trading at 1,344.85 won.


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