[Edaily Reporter kyoungeun kim ] The two leading semiconductor companies, which had plummeted by over 12% the previous day due to panic selling, are showing gains of nearly 3–4% in early trading on the 24th.
According to MP Doctor, as of 9:03 a.m. today, SamsungElectronics(005930)is trading at 323,000 won, up 13,000 won (4.19%) from the previous day. With a market capitalization of 1,882.5017 trillion won, it has regained the top spot in market capitalization on the KOSPI.
At the same time, SK hynix(000660)is trading at 2,634,000 won, up 79,000 won (3.09%) from the previous day. With a market capitalization of 1,875.1199 trillion won, it has once again ceded the top spot to SamsungElectronics, as the two companies continue to trade places for the number one position.
The previous day, the KOSPI plunged 9.99% to close at 8,204.06. Amid extreme turmoil that triggered an intraday circuit breaker, SamsungElectronics and SK hynix also plummeted by 12.31% and 12.47%, respectively. This sharp decline came just one day after SK hynix recorded a market capitalization of 2,080 trillion won based on the closing price on the 22nd, surpassing SamsungElectronics’ common stock market cap (2,066 trillion won) for the first time.
Consequently, a statement made by Lee Jae-man, an analyst at Hana Securities, in a report last month—in which he noted that “SK hynix’s market capitalization surpassing that of SamsungElectronics would be another signal that the bull market is ending”—has drawn renewed attention. However, in a phone interview with a media outlet that day, the analyst drew a line, stating, “While it is a signal of short-term overheating, it is difficult to view it as the end of the bull market.”
Regarding the previous day’s sharp decline, the analyst noted, “A 10% drop is closer to panic selling than a correction of overheating,” adding, “While the price correction may have largely run its course, a rebound requires earnings as a trigger.” He continued, “To break out of this period of consolidation, the company must ultimately prove itself through earnings,” and stated, “Earnings announcements from major semiconductor companies such as Micron and SamsungElectronics will be crucial.”