[Featured Stocks] Samsung Electronics and SK Hynix Regain Upward Momentum After Pause
[Asia Economy Reporter Minwoo Lee] The stock prices of Samsung Electronics and SK Hynix, which had stalled last week, are showing an upward trend again. As the recent upward momentum slowed, bargain buying surged, reflecting expectations of future industry improvement.
As of 9:34 a.m. on the 23rd, Samsung Electronics' stock price rose 2.78% from the previous trading day to 66,500 KRW. After reaching 67,000 KRW on the 17th, the stock price had adjusted down to 64,700 KRW on the 20th but has now turned upward. SK Hynix showed a similar pattern, recording 99,500 KRW at the same time, up 2.79% from the previous day. After surpassing 100,000 KRW on the 18th, the stock price had been declining but has now rebounded.
The recent slowdown in the upward trend is interpreted as attracting bargain buying. Samsung Electronics began a sharp rise from early this month. After recording 56,600 KRW on the 30th of last month, it steadily increased, reaching a record high of 67,000 KRW on the 17th. SK Hynix also closed at 79,600 KRW on the 2nd and surged to 100,500 KRW on the 18th. It surpassed the 100,000 KRW mark for the first time in about nine months since February 21. Although this rally slowed down from late last week, bargain buying is believed to have surged as expectations remain that the semiconductor industry will improve.
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Song Myungseop, a researcher at Hi Investment & Securities, explained, "Samsung Electronics mentioned both a slowdown in earnings in the fourth quarter and the possibility of semiconductor industry improvement in the first quarter of next year through its third-quarter earnings announcement this year." He added, "SK Hynix also saw a slight recovery in fourth-quarter server DRAM orders as Google, Amazon, and Facebook raised their expected demand for this year. Despite the suspension of shipments to Huawei, the demand for mobile DRAM in the fourth quarter has slightly increased, showing signs of easing recent industry downturns."
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