Samsung Electronics and SK Hynix Surge Together, KOSPI Crosses 3000 Again

KOSDAQ Falls Over 1%
Profit-Taking Sell-Offs Emerge in Secondary Battery Materials and Gaming Sectors

On the morning of the 22nd, a dealer is looking at a computer monitor in the dealing room of Hana Bank in Jung-gu, Seoul. [Image source=Yonhap News]

[Asia Economy Reporter Minwoo Lee] The KOSPI surpassed 3000 as the stock prices of top semiconductor companies by market capitalization, such as Samsung Electronics and SK Hynix, showed strong performance. This is interpreted as reflecting expectations that the semiconductor industry has hit bottom. On the other hand, profit-taking sales emerged in sectors such as the metaverse (extended virtual world), gaming, and secondary battery materials, which had been on an upward trend.

As of 11:20 AM on the 22nd, the KOSPI stood at 3003.06, up 1.08% from the previous trading day. After starting with a slight gain at 2983.38, the index widened its gains. It had risen to 3004.67 during trading on the 17th but then fell to the 2930 range before breaking through the 3000 level again on this day.

The overall index was lifted by rising stock prices of major semiconductor shares such as Samsung Electronics and SK Hynix. At the same time, Samsung Electronics was up 5.20%, and SK Hynix rose 7.62%. Last week, Micron Technology presented a positive outlook, including easing concerns over memory price declines in the first half of next year and increased server demand, which is interpreted as expanding expectations for improvement in the semiconductor industry.

Han Ji-young, a researcher at Kiwoom Securities, explained, "As seen from Micron Technology's sharp rise of over 7% last week, concerns about industry slowdown until the first half of next year are entering the final stage of being reflected in semiconductor sector stock prices. Considering the expanding signals of normalization in automotive semiconductor production in emerging countries such as Malaysia, overall demand for large domestic stocks is expected to warm up in the future."

At the same time, the KOSDAQ fell 1.17% from the previous trading day to 1029.75. After starting slightly higher at 1043.55, it reversed into a downward trend. This is believed to be due to profit-taking sales following the previous rise in sectors related to secondary battery materials and gaming, which occupy the top market capitalization rankings. L&F and Kakao Games, ranked 4th and 6th in market cap respectively, fell by -7.62% and 8.47%. Pearl Abyss (-3.56%) and EcoPro BM (-3.06%) also declined consecutively.

This content was produced with the assistance of AI translation services.