KOSPI 184.03points higher…SK hynix ADR draws interest
KOSPI, supported by strength in semiconductor-related stocks, closed 184.03points above the previous session at 7,475.94. More than 7 times the offered shares were subscribed in the bookbuilding for SK hynix’s U.S. ADR, but its domestic share price fell.
KOSPI closed at 184.03points above the previous session at 7,475.94. The index maintained its upward trend as institutional buying entered during the session.
The index opened at 7,552.49at the start of the session, fluctuated during the day, and reaffirmed its upward trend on institutional buying.
Subscriptions for SK hynix’s U.S. American depositary receipts (ADRs) exceeded 7 times the offered shares. SK hynix shares in the domestic stock market closed lower during the session.
In overnight U.S. trading, semiconductor stocks showed strength, and the New York 3major indexes also closed higher. This influence carried over to Asian markets.
At the Tokyo Stock Exchange in Japan, the Nikkei225 was 68,557.73 at the close, and 813.88 points. The TOPIX index closed at 4,036.08.
The U.S. Philadelphia Semiconductor Index rose 3.06%, while the VanEck SMH exchange-traded fund gained 2.5%.
Micron Technology announced that it would invest more than 2,500 billion dollars (376 trillion won), and the news led to buying in related stocks.
In Chinese markets, the Shanghai Composite Index closed at 3,996.16, falling 40.43 points. Reports said that profit-taking selling emerged.
The Shenzhen Composite Index closed at 2,675.49 and fell 33.68 points. Domestic-demand-related stocks showed a relatively solid trend.
Some large-cap stocks, including SMIC, Cambricon, and Shengyi Technology, fell, while consumer-related stocks such as Kweichow Moutai rose.