[MARKET ANALYSIS] KOSPI slumps despite stronger-than-expected Samung figures

Asia-Pac stocks trade entirely in the red, failing to follow on from the positive sentiment seen stateside, as Samsung's Q2 preliminary earnings seemingly disappoint despite beating estimates.
ASX 200 is the outperformer as it is less affected by tech selloffs and benefits from more rotational shifts. Metals & Mining is the sector underperformer, as precious metals give back some of last week’s gains.
Nikkei 225 trades with losses in excess of 1%, with Kioxia (-11.1%) weighed on by losses in Samsung.
KOSPI is the clear underperformer, following losses in Samsung (-8.2%). Samsung reported Q2 prelim. figures, in which operating profit beat estimates while revenue printed mid-range of analyst’s expectations (KRW 171tln vs exp. KRW 169-173.9tln). The outlook also includes the provisions for employee bonuses, after the Co. agreed to give bonuses equivalent to 10.5% of business performance earnings. Despite the recent selloff, investors are still quite bullish, with analysts citing the increased volatility due to leveraged ETFs as a main reason for the extended selloff. Elsewhere, Hanwha Ocean (-23.7%) slumps after Canada preferred TKMS (TKMS GY) for its submarine project.
Shanghai Comp. and Hang Seng are softer, but to a lesser extent than the Nikkei and KOSPI. Key movers include Tencent (+3.8%) and Kuaishou Technology (-8.4%), after the former sold part of its stake in the latter.
US equity futures trade mixed, with the tech-heavy NQ (-0.7%)underperforming. Memory names such as Sandisk (-4.3%) and Micron (-4.5%) sold off after-hours following the Samsung figures.
European equity futures are indicative of a slightly softer open with the Euro Stoxx 50 future -0.2% after cash closed -0.3% on Monday.