Samsung Electronics Stock Market Presence Lowest In 23 Months

Giant chipmaker Samsung Electronics Co. saw its presence on the main bourse drop to the lowest in 23 months in terms of market capitalization, data showed, Yonhap News Agency reported.

Photo Insert: Samsung's hopes of bouncing back are pinned on the success of the Galaxy Z Fold3 5G and Galaxy Z Flip3 5G.

The tech behemoth's value stood at some 444 trillion won (US$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 weight 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 platforms such as 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.

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