[Featured Stocks] Large Caps Surge... Samsung Electronics Up 4%, Hyundai Mobis Up 8%

by Oh Jooyean

Published 24 Jun.2020 10:37(KST)

[Asia Economy Reporter Oh Ju-yeon] As the stock prices of the top market capitalization stocks showed strength, the KOSPI is also approaching the 2170 level.

According to the Korea Exchange on the 24th, Samsung Electronics, ranked first in KOSPI market capitalization, traded at 53,600 KRW, up 4.28% from the previous trading day. SK Hynix, ranked second, also rose 3.33%, and Samsung Biologics, ranked third, increased by 2.12%, stabilizing in the 800,000 KRW range.

The rise in these top market capitalization stocks was also seen in the US stock market the previous day. In particular, the increase was centered on large technology stocks with high expectations for earnings improvement, suggesting that economic indicator improvements and recovery expectations are being reflected more meaningfully in the stock market than concerns over the resurgence of COVID-19.

Hyundai Motor and Kia Motors, which had shown weakness in stock prices after the COVID-19 rebound phase, also showed strength on this day. Hyundai Motor recovered to the 100,000 KRW level again, trading at 102,000 KRW, up 3.34% from the previous trading day, and Kia Motors traded at 33,800 KRW, up 4.81%.

The rise in automobile stocks is interpreted as an effect of Hyundai Mobis's strength.

On this day, Hyundai Mobis announced that it succeeded in domestic development of core connected car technology that connects cars, people, objects, and infrastructure via ultra-high-speed communication networks. Hyundai Mobis traded at 207,500 KRW, up 7.51% from the previous trading day. During the session, it surged as much as 10.10% to reach 212,500 KRW.

On the other hand, Kakao, NAVER, and NCSoft, which had shown strength until now, took a breather on this day.