KOSPI reaches over 2,750 in 2 years due to US interest rate cuts and semiconductor industry recovery (afternoon market conditions)

KOSDAQ recovers to 900 level in 6 months

On the afternoon of the 20th, when the KOSPI showed an upward trend of more than 1%, the KOSPI index is displayed on the current exchange board of the Hana Bank transaction room in Jung-gu, Seoul. Unique news

The KOSPI broke above the 2,750 mark on the back of repeated buying by foreign and institutional investors. The Korean stock market also appeared to be supported by signs that the semiconductor industry's recovery is accelerating as concerns over the timing and amount of US rate cuts are resolved and Micron reports an earnings surprise.

According to the Korea Stock Exchange on the 21st, the KOSPI registered 2753.14 points, increasing by 63.00 points (2.34%) compared to the previous day. This is the first time since April 5, 2022 that the KOSPI has recovered to the 2750 level. Today, the growth of the stock market is led by foreigners and institutional investors. They made net purchases of 1.4829 trillion won and 896.8 billion won, respectively. On the other hand, individuals net sold 2.3784 trillion won.

Stocks with the highest market capitalization on the KOSPI are rising at once. Samsung Electronics (005930)(+2.86%), SK Hynix (000660)(+8.56%), LG Energy Solution (373220)(+1.47%), Samsung BioLogics (207940)(+0.35%), Hyundai Motors (005380)(+5.19%), Kia (000270)(+1.12%), Celltrion (068270)(+1.15%), POSCO Holdings (POSCO Holdings (005490))(+1.41%), Samsung SDI (006400)(+0.77%), LG Chem (051910)(+1.14%) and others.

Samsung Electronics rose almost 5% the previous day and continues its upward trend today. Nvidia CEO Jensen Huang said at the GTC 2024 developer conference on the 19th (local time). “We're checking out Samsung's HBM and have high expectations.” It has been commented that the possibility of Samsung Electronics supplying the 5th generation HBM3E to Nvidia has increased.

SK Hynix's share price is interpreted to have risen on the prospect that the recovery in the semiconductor industry could accelerate. Micron, the memory semiconductor company, announced on the 20th (local time) that sales for the second quarter (December last year to last month) were $5.82 billion, an increase of 57.6 percent over the previous year. Earnings per share (EPS) were $0.42, turning into a surplus compared to the previous year and the previous quarter. Micron is up about 18% in after-hours trading after the earnings announcement.

Sales of high-bandwidth memory (HBM), artificial intelligence (AI) server memory are on the rise. According to Micron, all of the HBM produced this year has been sold, and most of next year's production has also been sold. Micron raised its third quarter sales forecast from $6 billion to $6.6 billion. As Micron manages to turn a profit, SK Hynix is ​​also expected to do well.

KOSDAQ registers 903.51 points at 14:00 today, rising by 12.06 points (1.35%) from the previous level. The leading stocks of KOSDAQ market capitalization are: Ecopro BM (247540)(+3.96%), Eco Pro (086520)(+1.15%), HLB(028300)(+9.15%), Alteogen (196170)(-0.76%), Celltrion Pharmaceutical (068760)(+1.61%), HPSP (403870)(+3.31%), Enchem (348370)(-4.39%), Reno Industrial (058470)(-0.8%), Rainbow Robotics (277810)(+2.84%), Shinsung Delta Tech (065350)(-0.08%) and so on. HLB hit a 52-week high as expectations grew for the approval of rivoceranib, a first-line liver cancer treatment.

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