Profit-taking pressure on semiconductor stocks… Samsung Electronics' results in focus [Today's market preview]

On the 8th, the domestic stock market is expected to show volatility as some profit-taking from recently surging semiconductor stocks continues. With semiconductors weak in overnight New York trading, market reaction to Samsung Electronics' preliminary fourth-quarter results to be announced that day is likely to be a key variable.

The previous day, the KOSPI closed at 4,551.06, up 0.57% from the previous trading day, renewing its record high. Shortly after the open it surged as much as 1.91% to 4,611.72, marking an intraday record high for the fourth consecutive trading day.

In the afternoon, geopolitical risk from escalating China-Japan tensions emerged, erasing much of the gains, but large-cap semiconductor stocks were relatively resilient. Samsung Electronics closed at 141,000 won, up 1.51% from the previous trading day, and SK Hynix also closed at 742,000 won, up 2.20%.

It is analyzed that large-scale futures sell orders, mainly by foreign investors, released after China's Ministry of Commerce announced export controls on dual-use items to Japan, were a factor that limited the index's upside. Concerns about the impact of China's material export restrictions on the global supply chain, particularly the battery and electric vehicle industries, were reflected.

In overnight New York trading, the Dow fell 0.94%, the S&P 500 fell 0.34%. The Nasdaq Composite rose 0.16%. Amid pressure from high levels, overall profit-taking occurred. In the semiconductor sector, Nvidia rose 1.00% on expectations of GPU approvals for China, but AMD fell -2.02%, TSMC fell -2.67%, and Micron fell -1.13%. The Philadelphia semiconductor index also fell 0.99%.

With semiconductor stocks taking a breather in the U.S. market, Samsung Electronics' results are expected to act as a gauge for direction in the domestic market. Samsung Electronics' fourth-quarter operating profit was 20 trillion won, exceeding the consensus (18.5 trillion won).

Han Ji-young, a researcher at Kiwoom Securities, said, "Recently volatility in supply and demand has widened centered on semiconductors, so the daily index direction will be ambiguous," adding, "the fourth-quarter operating profit announced a short while ago was 20 trillion won, exceeding the consensus, but a supply-demand battle between short-term sell-on(sell-on) and new buying will be active."

She added, "After this earnings announcement, changes in the 2026 operating profit consensus for Samsung Electronics, SK Hynix, and the KOSPI are more critical," adding, "whether it will proceed gradually or whether a sharp upward revision will follow the peak trend remains to be seen."

Park Ju-yeon reporter grumpy\_cat@hankyung.com