Key facts
- South Korean stocks extended gains Thursday morning, driven by a semiconductor rally.
- Micron Technology's quarterly earnings beat market expectations.
- The benchmark Korea Composite Stock Price Index (KOSPI) rose 4.89% to 8,885.57.
- Samsung Electronics shares increased by 4.77% and SK hynix shares by 9.61%.
- Five additional South Korean-operated vessels exited the Strait of Hormuz.
South Korean stocks extended their gains late Thursday morning, driven by a semiconductor rally, as Micron Technology's better-than-expected earnings erased concerns over artificial intelligence growth. The benchmark Korea Composite Stock Price Index (KOSPI) added 414.55 points, or 4.89 percent, to 8,885.57 as of 11:20 a.m.
Wall Street had closed mixed overnight due to concerns about the overvaluation of artificial intelligence-related shares. However, after the market closed, Micron, the world's third-largest memory chipmaker, released quarterly earnings that sharply surpassed market expectations.
In Seoul, blue-chip stocks led the rally. Market bellwether Samsung Electronics jumped 4.77 percent, and chip giant SK hynix soared 9.61 percent. Hanmi Semiconductor, a leading chip equipment maker, advanced 2.22 percent, and LG Electronics rose 0.24 percent. Financial shares also saw gains, with KB Financial Group up 1.91 percent and Samsung Life Insurance climbing 6.47 percent.
Separately, five additional South Korean-operated vessels have exited the Strait of Hormuz, bringing the total to 11 following a ceasefire agreement. The Ministry of Oceans and Fisheries confirmed the vessels are sailing normally, with one en route to South Korea. A total of 13 South Korean-linked ships remain within the strait.