Samsung Electronics building in Seocho-dong, southern Seoul / Yonhap
Giant chipmaker Samsung Electronics saw its presence on the main bourse drop to the lowest in 23 months in terms of market capitalization amid a sharp drop, data showed Sunday.
The tech behemoth’s value stood at some 444 trillion won ($400 billion) as of Friday, or 19.43 percent of the KOSPI’s total market value of 2,285 trillion won.
It is the first time that the bellwether’s weighting against the total market cap fell below the 20-percent mark since September, 2019.
The figure marks a steep fall from 25.01 percent in Jan. 11 this year.
Samsung Electronics hit a 52-week record at 96,800 won per share on Jan. 11 this year, thanks to the positive earnings forecast.
But the stock price steeply fell to this year’s lowest of 74,100 won on Friday amid massive foreign sell-offs. The binge selling stemmed from concerns that the chipmakers’ earnings may wane after peaking in the second quarter.
Experts said the advances of giant platform, auto and battery businesses are particularly accountable for the change in Samsung’s weight in the market.
“The reduced portion of Samsung Electronics’ market cap helps lower the level of volatility (in KOSPI) and disperse the mega-influence by a single sector or stock,” Samsung Securities researcher Jeong Eun-ji said. (Yonhap)Internet Explorer Channel Network