The KOSPI continued its upward trend on June 25, buoyed by strong earnings from U.S. chipmaker Micron.
According to the Korea Exchange, as of 1:49 PM, the KOSPI was trading at 8,960.17, up 489.15 points (5.77%) from the previous trading day. The index opened with a gain of 232.40 points (2.74%) and peaked at an increase of 511.20 points (6.03%).
At the same time, individual and foreign investors were net sellers in the stock market, offloading 1.9726 trillion won and 1.4644 trillion won, respectively. In contrast, institutional investors were net buyers, purchasing 3.3858 trillion won.
The market's rise is attributed to Micron's earnings report, which exceeded market expectations and improved investor sentiment.
After the New York Stock Exchange closed the previous day, Micron announced that its revenue for the third quarter of its fiscal year (March to May) reached $41.46 billion (approximately 64 trillion won), a staggering 345.7% increase compared to the same period last year. The operating profit margin rose to 81.2%, up more than 10 percentage points from the previous quarter's 69.0%, and the adjusted earnings per share (EPS) was $25.11, significantly higher than the market forecast of $20.78.
Han Ji-young, a researcher at Kiwoom Securities, noted, "Given Micron's earnings surprise and the announcement of SK Hynix's ADR issuance, we may see a concentration in semiconductor stocks in today's market."
Most of the top stocks by market capitalization on the KOSPI showed gains, with SK Hynix soaring 13.45%. Samsung Electronics also rose by 5.58%. Other gainers included SK (19.38%), Samsung C&T (10.70%), Samsung Life (5.43%), SK Square (4.95%), Samsung Biologics (1.88%), Samsung Electro-Mechanics (0.76%), and HD Hyundai Heavy Industries (0.68%). However, LG Energy Solution (-2.87%) and Hyundai Motor (-0.79%) saw declines.
At the same time, the KOSDAQ index fell by 19.21 points (2.11%) to 890.11. The KOSDAQ opened with a rise of 14.35 points (1.58%) at 923.66 but reversed course during the trading session.
In the KOSDAQ market, foreign and institutional investors were net sellers, offloading 198.9 billion won and 143.2 billion won, respectively, while individual investors purchased a net 351 billion won.
The top stocks in the KOSDAQ showed mixed results. Companies like Rigakem Bio (3.87%), Alteogen (3.50%), Lino Industry (1.76%), and Wonik IPS (1.59%) were up, while Juseong Engineering (-8.99%), EcoPro BM (-5.51%), EoTechnics (-5.24%), EcoPro (-4.83%), HLB (-1.69%), Rainbow Robotics (-0.58%), and Kolon TissueGene (-0.10%) faced declines.
Kang Jin-hyuk, a researcher at Shinhan Investment Corp., stated, "The concentration of KOSPI supply and demand has limited the gains of large-cap stocks in the KOSDAQ, leading to a reversal in the index."
* This article has been translated by AI.
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