KOSPI rises 1.19%, KOSDAQ 3.15% as chip stocks rebound

  • KOSPI and KOSDAQ reversed early losses as chip shares rebounded.
  • KOSPI rose 1.19% to 6,919.74, while KOSDAQ climbed 3.15% to 882.88.
  • Micron reported $54.23 billion quarterly revenue, while semiconductor exports reached $60.3 billion.

South Korea's KOSPI and KOSDAQ reversed early losses on the 1st, rising to 6,919.74 and 882.88, respectively, by 1:33 p.m. The gains followed strong results and an upbeat industry outlook from U.S. memory chipmaker Micron Technology, helping Samsung Electronics and SK hynix rebound while semiconductor equipment and secondary battery stocks rallied on the KOSDAQ. Institutions and foreign investors were net buyers, while individuals sold shares. Micron reported record fiscal fourth-quarter revenue of $54.23 billion for June through August, about five times the year-earlier figure. Semiconductor exports also rose 262.8% year on year to a record $60.3 billion last month, supporting market sentiment.

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