SK hynix reversed an early gain Monday as the Korea Composite Stock Price Index (KOSPI) closed 1.46% lower, after the benchmark regained some ground during morning trading ahead of chip earnings and a Federal Reserve decision.
The index finished at 5,469.47, down 80.83 points, Yonhap reported. It had opened 0.92% lower and was down 0.46% at 5,524.85 at 8:15 p.m. ET Sunday (00:15 UTC Monday).
At that morning reading, SK hynix was up 1.88%. It ended the session down 0.16% at 1.28 million won. Samsung Electronics was down 0.7% in the morning and closed 1.16% lower at 213,000 won, Yonhap reported.
The decline followed a week in which the KOSPI lost 2.08% despite rising 0.3% Friday. Yonhap attributed the weekly loss to foreign selling and swings in semiconductor shares.
Investors will look to the chipmakers’ results for signs of demand for artificial intelligence chips and the direction of memory prices, Yonhap reported. The Fed meets Oct. 27-28; SK hynix is scheduled to report third-quarter earnings Oct. 28, followed by Samsung Electronics on Oct. 29.
