Hanwha System reported earnings below market expectations, causing its stock price to turn downward.
Hanwha System shares traded at 55,900 won on the KOSPI market at 2:02 p.m. on the 29th, down 3.29% (1,900 won) from the previous day.
Hanwha System's stock started the day at 59,100 won and rose to 59,400 won. However, from 1:46 p.m., it turned downward, dropping to as low as 54,500 won during the session.
This seems to be due to the impact of Hanwha System's disclosure of its second-quarter (April to June) results, which recorded an 'earnings shock.' Hanwha System reported 768.2 billion won in sales and 33.5 billion won in operating profit for the second quarter, which is 16% lower in sales and 56% lower in operating profit compared to market expectations.