Samsung Electronics, SK hynix shares down: Market updates

Choi Si-young, head of Samsung Electronics‘ foundry business, speaks during Samsung Foundry and SAFE Forum 2024 in COEX, Seoul on july 9. [Courtesy of Samsung Electronics Co.]

Shares in Samsung Electronics Co. and SK hynix Inc. fell early on Friday following overnight drops in U.S. tech stocks.

Samsung Electronics stocks were trading at 85,300 won ($61) per share Friday morning, down 2.63 percent from its previous close. SK hynix dropped 3.94 percent to 231,500 won per share, while HANMI Semiconductor Co. was down 2.61 percent.

In the United States, Nvidia Corp, Advanced Micro Devices, Inc., Broadcom Inc., and Micron Technology, Inc. reported the biggest losses, with the PHLX Semiconductor Sector (SOX) share tumbling 3.47 percent.

In a separate development, Doosan Group announced a plan to spin off Doosan Bobcat from Doosan Enerbility Co. and merge the construction equipment manufacturer with Doosan Robotics Inc.

Doosan Robotics shares traded at 97,200 won per share, up 11,900 won, or 13.95 percent, from the previous day in response to the news.

In contrast, Doosan Group stock was trading at 227,000 won per share, down 14,500 won. The shares initially rose 22,000 won, or 9.11 percent, to 263,500 won per share shortly after the opening bell but have since given up the gains. Doosan Enerbility was trading at 20,200 won per share, down 7.55 percent from the previous day. Doosan Bobcat was down 3.27 percent.

Doosan Bobcat was spun off from Doosan Enerbility to become a wholly owned subsidiary of Doosan Robotics as part of the announced reorganization.