Samsung Elec dips below KRW 70,000 for first time since Dec 2020, Kospi teeters on 2,900

Samsung Electronics Co. shares dipped below key 70,000 won ($58.41) for the first time since Dec. 3, 2020. They are trading at 69,600 won as of 09:48 a.m., off 2.7% from the previous session on Friday. Foreign investors who were main sellers throughout last week turned to bargain-hunting. Instead, institutional players sold off 230 billion won worth amid expectations that chip up cycle would have peaked in Q3. Widow of the late Samsung Group patriarch signing a deal with KB Kookmin Bank to sell 1.4 trillion won worth holdings in the flagship electronics giant inherited from her husband to finance colossal inheritance tax also spurred selling in fear of overhang. The bellwether stock’s retreat pushed the key Kospi down 1.8% to the brink of losing 2,900 threshold.

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