SEOUL, Oct. 29 (Yonhap) -- South Korean shares dropped 1.24 percent Thursday, reversing earlier gains, as top cap Samsung Electronics delivered weaker-than-expected third-quarter earnings. The Korean won gained ground against the U.S. dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) lost 74.78 points to close at 5,937.66, after rising as high as 6,100.11
The index opened slightly higher, tracking overnight gains on Wall Street after the Federal Reserve held its benchmark interest rate steady at 3.75-4 percent.
The market turned lower shortly before 10 a.m., following the release of Samsung's third-quarter earnings, which fell slightly short of analysts' expectations.
The world's largest memory chipmaker reported a record third-quarter operating profit of 107.44 trillion won (US$80.3 billion), up 783.1 percent from a year earlier, while revenue surged 126.9 percent to 195.25 trillion won, on robust artificial intelligence (AI)-driven chip demand.
Financial data is shown on a screen in the dealing room of Hana Bank in central Seoul on Oct. 28, 2026, after the stock market closed. (Yonhap)
khj@yna.co.kr
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Source: Yonhap News · Kim Han-joo
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