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(Photo= Yonhap news) |
[Alpha Biz= Reporter Kim Jisun] Samsung Electronics' stock price has fallen for seven consecutive trading days, reaching the 64,000 KRW range and setting a new 52-week low.
On the 11th, according to the Korea Exchange, Samsung Electronics closed at 64,900 KRW, down 1.96% from the previous day. During intraday trading, the stock dropped to 64,200 KRW, marking its lowest point in 52 weeks. The stock has been declining since October 3, driven by foreign investors' selling. Foreign investors sold 906 billion KRW worth of Samsung Electronics shares on this day alone.
Despite hitting a 52-week high of 88,800 KRW on July 11, sparking hopes for the stock to reach 100,000 KRW, it has since fallen by about 27%.
Brokerages are also lowering their target prices for Samsung Electronics. Typically, downward revisions are considered 'sell' signals, as sell reports are rare in the domestic securities market. Following iM Securities' downgrade last month, Korea Investment & Securities, Meritz Securities, Hyundai Motor Securities, and DB Financial Investment have all lowered their target prices to below 100,000 KRW. The downgrades come amid concerns that Samsung’s third-quarter earnings may fall short of market expectations due to weak smartphone and PC sales. Additionally, the recent sharp drop in Nvidia's stock has fueled concerns about a peak in the artificial intelligence (AI) sector, further weighing on semiconductor companies.
AlphaBIZ Kim Jisun(stockmk2020@alphabiz.co.kr)
