South Korean shares fall sharply after Samsung Electronics earnings

South Korean equities reversed an early rise on Thursday, with the KOSPI down 2.18% at 5,881.40 by 0132 GMT. Samsung Electronics fell 4.13% after its third-quarter net profit came in below analyst expectations, while SK Hynix was 1.14% higher, having also pared its earlier advance.

Losses among major shares included a 9.37% drop for LG Energy Solution, declines of 2.70% for Hyundai Motor and 1.76% for Kia, and a 3.01% fall for POSCO Holdings. South Korea’s finance minister said the government would respond promptly if volatility increased, while the Bank of Korea said it was watching local financial conditions. The won strengthened 0.72% to 1,332.4 per dollar, and three-year government bond yields fell 4.2 basis points to 3.758%.