United Microelectronics Corporation premarket down -1.41% due to slowed chip flows to Russia via HK, despite LG Display's OLED TV sleep study.

United Microelectronics Corporation premarket down -1.41% due to slowed chip flows to Russia via HK, despite LG Display's OLED TV sleep study.

Ainvest WireMon, Jul 22, 2024 ET

1min read

UMC --

United Microelectronics Corporation experienced a premarket decline of 1.41% due to the negative news regarding illicit chip flows to Russia. According to recent data from the U.S. Commerce Department, the supply of semiconductors and restricted goods shipped through Hong Kong to support Russia's war effort decreased by 28% from January to May 2023, compared to the same period the year prior. This development suggests concerns over potential disruptions to the global supply chain and could have contributed to the stock's downward movement.

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