Samsung Electronics and SK Hynix fall more than 4% on rate, China concerns

  • Samsung Electronics and SK Hynix fell more than 4% in early Aug. 31 trading.
  • CXMT reported first-half revenue of 150.3 billion yuan, up 874% year over year.
  • Philadelphia Semiconductor Index losses and Chinese memory expansion pressured South Korean chip stocks.

Samsung Electronics and SK Hynix fell more than 4% early Aug. 31 as renewed concern over a possible U.S. benchmark-rate increase compounded weakness in semiconductor shares on Wall Street. At 9:09 a.m., Samsung Electronics was down 4.09% at 246,500 won, while SK Hynix fell 4.42% to 1.58 million won. The Philadelphia Semiconductor Index dropped 3.47% on Aug. 28 after Jackson Hole remarks by Federal Reserve Chair Kevin Warsh, which lifted market-implied odds of a September Fed rate increase to 59% from about 35%. Sentiment was also pressured by China’s CXMT, whose first-half DRAM revenue surged 874% to 150.3 billion yuan and whose planned expansion could raise its global market share from 8% last year to 11% in 2028 and 15% by 2030. YMTC’s expanding output and share in NAND flash added to concerns about intensifying competition for established South Korean memory producers.

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Samsung Electronics and SK Hynix fall more than 4% on rate, China concerns - CoinPost Terminal