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Sunday, December 3, 2023

Korean tech stocks hit 52-week lows after U.S. big tech shares dive

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A screen in Hana Bank’s trading room in central Seoul shows the Kospi reaching a new 52-week low of 2,149.13 intraday on Friday, down 21.80 points, or 1.00 percent, from the previous trading day. [YONHAP]
Korean tech stocks hit new 52-week lows following sharp falls of U.S. tech shares overnight.

Samsung Electronics traded at 51,800 won ($36) at 9:55 a.m., a new 52-week low and down 1.5 percent from the previous day’s closing price. As of 12 a.m. the electronics maker was trading at 53,300 won.

Samsung Electronics has touched new 52-week lows for six consecutive trading days.

Naver slumped to a new 52-week low of 190,500 won right after the market opening, down 3 percent from the previous day.

Kakao fell to 55,000 won intraday, also a new 52-week low, down 1.6 percent from the previous day.

LG Innotek, which supplies camera modules to Apple, dropped 4 percent to 264,000 won as of 9:35 a.m. Friday.

The rapid drop was driven by the crashing of big U.S. tech stocks overnight.

The Nasdaq plunged 2.8 percent to 10,737.51 on Thursday. Apple lost 4.9 percent to $142.24 after Bank of America lowered its price target for the company’s stock.

Apple lowered its production target for the new iPhone 14s due to sluggish demand, according to press reports.

BY SHIN HA-NEE [shin.hanee@joongang.co.kr]