Seoul: Seoul shares opened 1.6 percent lower on Tuesday, contrary to the gains seen overnight on Wall Street. This decline was attributed to profit-taking following Samsung Electronics' release of its preliminary earnings estimate for the second quarter.

According to Yonhap News Agency, the benchmark Korea Composite Stock Price Index (KOSPI) dropped by 130.85 points, reaching 7,920.48 at the opening bell. The decrease in local technology stocks was notable after Samsung Electronics projected its operating profit for April to June at 89.4 trillion won (US$58.4 billion), surpassing market expectations. However, this estimate includes provisions for employee bonuses, with the operating profit estimated at around 100 trillion won excluding these provisions.

Samsung Electronics, a significant player in the market, saw its shares decrease by 3.9 percent. Meanwhile, SK hynix, a major chip manufacturer, experienced a 1.2 percent decline as it prepares for its anticipated $29 billion listing in the U.S. later this week.