Samsung Electronics hits another new low, bitcoin stocks soar

(Yonhap)

Shares of market bellwether Samsung Electronics Co. hit a new 52-week low on Tuesday morning as ongoing concerns about the impact of potential U.S.-China trade tensions under the incoming Donald Trump administration weighed on South Korean semiconductor stocks.

Shares of Samsung Electronics were trading at 54,000 won ($38.5) as of 11:15 a.m., down 1.82 percent from the previous day.

Earlier in the session, the stock had briefly dipped to 53,800 won, marking a consecutive two-day drop and setting a fresh low for 2024.

SK hynix Inc., another major Korean chipmaker, also experienced a decline, trading down 1.82 percent at 189,100 won.

The sector-wide slide is thought to reflect overnight losses in U.S. semiconductor stocks, triggered by trade concerns.

Shares of Taiwan Semiconductor Manufacturing Co. dropped 3.55 percent in New York trading, while the Philadelphia Semiconductor Index also fell by 2.54 percent. President-elect Trump had previously criticized TSMC during his campaign, accusing the company of “stealing 95 percent of our business.”

Additionally, reports that the U.S. government instructed TSMC to halt its supply of high-performance chips to China further dampened investor sentiment in the semiconductor industry.

Meanwhile, as Bitcoin’s value continues to surge, cryptocurrency-related stocks on Korean exchanges saw a sharp rise.

Shares of Hanwha Investment & Securities Co., which holds a stake in Upbit’s operator Dunamu, were up 6.13 percent as of 11:15 a.m., trading at 4,415 won.

Upbit is the largest cryptocurrency exchange in Korea. The company’s preferred shares soared by 25.69 percent, reaching 10,470 won.

Other Bitcoin-linked stocks also climbed, with Woori Technology Investment, which also holds a stake in Dunamu, up 13.27 percent, while T Scientific, a shareholder of another cryptocurrency exchange Bithumb, rose by 6.2 percent.

In contrast, Knowmerce faced a tough start in its debut on the Kosdaq market. The company’s shares were trading at 20,150 won as of 11:19 a.m., down 33.28 percent from its offering price of 30,200 won.

Knowmerce, known for its artist-focused IP platforms “Wonderwall” and “fromm,” offers services spanning content, commerce, performance, and fandom platforms.

The company had priced its IPO at the top of its target range after a competitive institutional demand forecast with a 288-to-1 subscription ratio.