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The domestic stock market is falling. Stocks of blue-chip stocks such as Samsung Electronics and Naver, known as national stocks, are also breaking new lows every day. He was literally betraying nationalism.
According to the Korea Exchange on the 11th, the market caps of securities (KOSPI) and KOSDAQ (as of the 7th) were 176.0987 trillion won and 320.797 trillion won, respectively, for a total of 2082.78 trillion won. This means that 576,712.1 billion won has evaporated compared to the beginning of this year (265,949 trillion won). By the end of last month, investment sentiment showed a sharp contraction, with a drop of 633 trillion won by the end of last month.
Among the top KOSPI stocks, the top stocks whose market cap has fallen since the beginning of the year are Samsung Electronics, SK Hynix, LG Chem, Hyundai Motor, Kia, NAVER, and Kakao. Looking at the decline in market capitalization of these stocks compared to the end of January, △Samsung Electronics (10283.3 trillion won, -23.32%) △SK Hynix (21.330.5 trillion won, -24.32%) △Samsung Electronics (12.507.9 trillion won, -22.93%) △LG Chem (3.529 trillion won, -7.39%) △ Hyundai Motor (2,991.4 trillion won, -7.39%) △ Kia (4.459 trillion won, -13.41%) △60 trillion won ( 24.4illion , -48.49%) △ Kakao (15,235.1 billion won, -40.2%) etc.
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As such, it can be seen that the fall in the stocks at the top has had a significant impact. Most of the stocks with a large adjustment range are information technology (IT) related industries.
The United States Federal Reserve (Fed) has implemented the ‘huge step’ and the ‘big step’ by raising the key interest rate by 0.5 to 0.75 percentage points immediately in response to inflation (inflation). Global central banks, including Korean monetary authorities, are also joining the austerity stance. When interest rates rise, tech stocks take a hit as the discount rate on future earnings increases.
As downward pressure on technology stocks increased, semiconductor companies such as Samsung Electronics and SK Hynix listed on the domestic stock market appear to have been adversely affected. In the case of Samsung Electronics, operating profit in the third quarter recorded an earnings shock of 10.8 trillion won, down 32% from the same period last year.
The future prospects are not bright either. The US Department of Commerce announced on the 7th (local time) an export control measure that requires a separate license for the export of advanced semiconductor technologies and high-performance semiconductors to China.
Hi Investment & Securities explained in a report that “various US regulatory measures for technological hegemony act as a negative factor for US semiconductor companies and Chinese technology companies.
In the case of Naver and Kakao, whose market caps have fallen by nearly 40 trillion won compared to the beginning of the year, their target prices are being downgraded one after another due to deteriorating macroeconomic conditions and problems with lower -companies.
In Naver’s case, there is a negative opinion about the recently acquired Forsimark. Naver agreed to pay $1.6 billion for the acquisition of Posimark. The stock market analyzed that the acquisition price was relatively high.
Also, in the case of Kakao, downward pressure on the share price increased due to the controversy surrounding the division of a subsidiary. It is also burdensome that Kakao Games, a subsidiary of Kakao, is about to list Lion Heart Studio, a game developer and core subsidiary of ‘Odin’.
Kim Jin-woo, a researcher at Daol Investment & Securities, said, “The discount event on the value of equity in subsidiaries continues and the discount rate for the value of shares in listed subsidiaries has increased from 30% to 50 %. .
- reporter information
- Hong Seung-woo
- hongscoop@ajunews.com
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