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

Newsquawk Staff ·

  • 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.  

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