Samsung Electronics Holds on to No. 1 Market Cap as Micron Earnings Surprise Sends Samsung and SK hynix Trading Back and Forth

[Financial News] Micron Technology, Inc.'s earnings surprise in the United States revived investor sentiment toward global semiconductors, sending the domestic stock market sharply higher. The KOSPI recovered the 8,900 level, while SK hynix, the country's leading chipmaker, hit a new intraday record and battled Samsung Electronics for the top spot in market capitalization.
According to the Korea Exchange (KRX) on the 25th, the KOSPI closed at 8,930.30, up 459.28 points, or 5.42%, from the previous session. After plunging 9.99% on the 23rd, the index rebounded for a second straight day, following a 3.26% gain the day before, as it worked to recover its losses.
Semiconductors led the rally, surging 8.46%, while energy rose 8.53%, insurance gained 2.73%, and transportation advanced 1.14%.
The rebound was driven by Micron's results, which far exceeded expectations. The company reported fiscal third-quarter revenue of about 64 trillion won for the March-May period and issued fourth-quarter guidance that topped market forecasts. Its operating margin exceeded 81%, and the stock jumped more than 15% in after-hours trading, further boosting global semiconductor sentiment.
Domestic developments also helped support the market.
Investor sentiment improved further after Samsung Electronics announced a share buyback plan worth about 90 trillion won and SK hynix said it was pushing ahead with plans to list American Depositary Receipts (ADRs) on NASDAQ on July 10.
SK hynix closed at 2,917,000 won, up 13.06% on the day. At one point, it surged as much as 15.78% to 2,987,000 won, setting a new all-time intraday high. Its closing price was also just 2,000 won below the previous record close set on the 22nd.
Samsung Electronics then widened its gains, and the two stocks repeatedly swapped the No. 1 spot in market capitalization until just before the close.
In the end, Samsung Electronics finished at 358,500 won, up 5.29%, and held on to first place with a market value of about 2,096 trillion won. SK hynix ended the session with a market cap of about 2,079 trillion won, narrowing the gap to roughly 17 trillion won.
After Samsung Electronics reclaimed the top market-cap position from SK hynix on the 24th, it allowed its rival to close in again just one day later, underscoring the intensifying competition between the two companies.
y27k@fnnews.com Seo Yoon-kyung Reporter