Samsung Electronics topped 80,000 won intraday for the first time in 1 year and 1 month. Overnight news that the U.S. Federal Reserve (Fed) cut its benchmark interest rate by 0.25 percentage point at the September Federal Open Market Committee (FOMC) appears to have buoyed investor sentiment. SK hynix shares are also strong in tandem.
As of 1:46 p.m. on the 18th, Samsung Electronics is trading at 80,300 won, up 2,100 won (2.69%) from the previous session. Samsung Electronics rose as high as 80,500 won intraday, setting a 1-year high.
As the United States begins cutting its benchmark rate, buying appears to be flowing into Korea's leading semiconductor stocks. SK hynix is also up 6.45% at the same time, trading at 355,000 won. It climbed to as high as 357,000 won intraday, rewriting its 1-year high.
Lee Jae-won, an analyst at Shinhan Investment & Securities, said, "The KOSPI resumed its uptrend after confirming the FOMC's rate cut," and noted, "Institutional and foreign inflows are again concentrating on select semiconductor names, and there is no change to the fact that a semiconductor boom is coming."