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[Alpha Biz=(Chicago) Reporter Paul Lee] Samsung Electronics takes a breather in selling foreign investors ... The stock market is "90,000 Electronics, BUY"
Stock prices fell slightly as foreign investors, who had been buying Samsung Electronics shares day after day, turned to net selling in eight trading days. Despite short-term adjustments, the stock market has raised its target price one after another, offering a positive outlook.
On the 5th, Samsung Electronics closed at 71,700 won, down 500 won (-0.69%) from the previous day. In contrast, the KOSPI index rose 14.05p (0.54%) to close at 2615.41p.
The move is interpreted as an adjustment due to the recent sharp rise in stock prices in semiconductor industries, including Samsung Electronics, the leading stock. Lee Kyung-min, a researcher at Daishin Securities, said, "The short-term surge in semiconductors has limited further gains in the stock market due to profit-taking sales."
Foreigners led the stock price adjustment as they sold a net KRW 104 billion worth of Samsung Electronics shares that day. On the other hand, institutions and individuals bought a net KRW 71 billion and KRW 29 billion, respectively.
It is the first time in eight trading days that foreigners have been net sellers of Samsung Electronics shares since the 23rd of last month. Foreigners net bought 1.568 trillion won worth of Samsung Electronics shares during the seven consecutive trading days from May 24 to June 2.
However, the stock market has recently raised the target price of Samsung Electronics and suggested '90,000 Electronics' as the target price. Securities firms that have raised their target prices for Samsung Electronics in the past month include Eugene Investment & Securities (target price of KRW 90,000), Hi Investment & Securities (KRW 95,000), Meritz Securities (KRW 87,000), SK Securities (KRW 90,000) and Kiwoom Securities (KRW 90,000).
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
