KB News Desk
Seoul stocks closed sharply lower Monday as disappointment over Samsung Electronics’ shareholder return plan triggered a sell-off in semiconductors. The Korean won rose against the US dollar.
The benchmark Korea Composite Stock Price Index (Kospi) dipped 215.99 points, or 3.12 percent, to 6,696.96.
After opening lower, the index extended losses as large-cap tech shares came under selling pressure from foreign and institutional investors.
“The Kospi was weighed down by disappointment over Samsung Electronics’ shareholder return plan announced last week, with other Samsung affiliates losing ground,” Lee Kyoung-min, an analyst from Daishin Securities, said.
On Friday, the chip giant announced a shareholder return plan worth between 90 trillion won ($65.2 billion) to 110 trillion won. It also said the company plans to give out cash dividends of around 30 trillion won in the third quarter, but noted their exact size and structure will be finalized at a board meeting in October.
Despite the massive sum involved, investors seemed to have been let down as the company failed to provide details on a possible stock buyback, the analyst added.
Investors are keeping an eye on other external factors, such as the upcoming earnings release from chip giant Nvidia and the latest economic reading from the United States.
The US saw the strongest growth in its service sector in nearly two years in August, with the Purchasing Managers’ Index for the month, published by S&P Global on Friday, rising to 56.8. (Yonhap)
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