[Edaily Reporter Park Jung-Soo ] The KOSPI is surging by more than 5%. This is due to improved investor sentiment, particularly among semiconductor stocks, following last night’s announcement by U.S. memory semiconductor company Micron Technology that its earnings exceeded market expectations.
According to MP Doctor on the 25th, as of 9:07 a.m., the KOSPI is trading at 8,906.83, up 5.14% (435.81 points) from the previous trading day.
On the 24th (local time), after the market closed, Micron announced that for the third quarter of its fiscal year (March–May), revenue was $41.46 billion and adjusted earnings per share (EPS) was $25.11. These figures far exceeded market expectations compiled by LSEG CORPORATION (revenue of $35.84 billion and adjusted EPS of $20.78).
Revenue more than quadrupled compared to the $9.3 billion recorded in the same period last year, marking the company’s highest-ever quarterly revenue. Net income for the same period was $28.24 billion, an increase of nearly 15 times compared to the same period last year.
The company stated that it expects fourth-quarter revenue to reach approximately $50 billion. According to LSEG, analysts had forecast revenue of $43.58 billion.
Memory prices have skyrocketed over the past few years as AI chips have absorbed most of the production capacity of memory suppliers. Prices for memory used in smartphones, laptops, and other electronic devices are also rising.
Sanjay Mehrotra, Micron’s CEO, said during a conference call, “Customers recognize that it will take a considerable amount of time for the shortage of memory and storage devices to improve,” adding, “We expect industry supply to gradually improve by 2028.”
Han Ji-young, an analyst at KIWOOM Securities, noted, “It is positive that Micron, which announced its earnings after the market closed, posted an earnings surprise,” adding, “This is a factor that is helping to improve investor sentiment in major stock markets, including South Korea, which experienced a historic plunge earlier this week.”
While foreign investors are selling 6770억 won worth of stocks on the KOSPI market, retail and institutional investors are showing net buying of 5789억 won and 857억 won, respectively. Program trading shows a net sell of 5128억 won, combining arbitrage and non-arbitrage trades.
By sector, retail is up more than 10%, and the electrical and electronics sector is recording gains in the 6% range. Manufacturing and finance are up more than 5%, while insurance and electricity/gas are rising in the 4% range. In contrast, pharmaceuticals and paper/wood are showing weakness.
Most of the top market-cap stocks are on the rise, with SK(034730)surging by over 19%, while SAMSUNG C&T CORPORATION(028260)(14.64%) and SK hynix(000660)(10.04%) are also posting gains in the 10% range. SKSQUARE(402340)is up by over 8%, and Samsung Life Insurance(032830)is jumping by more than 6%. SamsungElectroMechanics(009150) and SamsungElectronics(005930) are rising by around 4%.
The KOSDAQ market is currently trading at 923.96, up 1.61% (14.65 points) from the previous trading day. Among the top-market-cap stocks, gains are prevailing, with PSK INC.(319660)surging more than 6% and WONIK IPS Co.,Ltd.(240810)rising in the 5% range.