finance
KOSPI Rises 5.42 Percent After 9.99 Percent Drop the Prior Day
The KOSPI gained 459.28 points Thursday after Micron Technology posted stronger-than-expected results. The index briefly reached 9,044.04 before closing below the prior session's all-time high.
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South Korean stocks rose sharply Thursday as semiconductor shares advanced on stronger-than-expected quarterly results from Micron Technology. The benchmark KOSPI gained 459.28 points, or 5.42 percent, to close at 8,930.30 after a buy-side sidecar was triggered shortly after the open. The index reached an intraday high of 9,044.04.
It had finished at a record 9,114.55 on Monday before falling 9.99 percent on Tuesday and recovering 3.26 percent on Wednesday. Yonhap reported that trade volume reached 449.3 million shares valued at 50.4 trillion won. Institutions bought a net 3.3 trillion won of stocks.
Foreign investors sold a net 819.7 billion won and individuals sold a net 2.5 trillion won. Losers outnumbered winners 588 to 289. Samsung Electronics rose 5.29 percent to 358,500 won. SK hynix surged 13.06 percent to 2.9 million won.
SK Square advanced 5.56 percent to 1.9 million won and Samsung C&T gained 7.79 percent to 519,000 won. Korean Air climbed 6.4 percent to 29,100 won and Asiana Airlines rose 6.2 percent to 7,710 won. Samsung Securities added 3.07 percent to 110,800 won while Kiwoom Securities gained 7.48 percent to 337,500 won.
"Micron's strong financial report pushed up semiconductor shares here," Kim Seok-hwan, an analyst at Mirae Asset Securities, said. " The Korean won traded at 1,542.7 per U.S. , down 0.9 won from the prior session.
The three-year Treasury yield fell 1.5 basis points to 3.757 percent and the five-year government bond yield declined 2.2 basis points to 3.992 percent.
