Samsung Electronics and SK hynix shares rose in early trading on the 23rd to hit record highs. With SK hynix posting all-time quarterly results in the first quarter of this year, buying sentiment appears to be flocking to semiconductor stocks.
As of 9:31 a.m. that day, Samsung Electronics shares were trading on the main board at 227,500 won, up 4.60% (10,000 won) from the previous session. Samsung Electronics in early trading 22
SK hynix stock was trading at 1,264,000 won, up 41,000 won (3.35%) from the previous session. Both corporations set fresh record highs that day.
Before the market opened, SK hynix announced its first-quarter results, logging the largest quarterly performance since its founding.
In the first quarter of this year, SK hynix reported revenue of 5.25763 trillion won, up 198.1% year over year, and operating profit of 3.76103 trillion won, a surge of 405.5%.
Earlier, Samsung Electronics also posted first-quarter operating profit of 5.72 trillion won, an earnings surprise that far exceeded the 4 trillion won consensus (the market average forecast).
On the back of these results, it appears investor sentiment has piled into the semiconductor sector as it is confirmed to be tangibly benefiting from the artificial intelligence (AI) cycle.
Meanwhile, the KOSPI index broke above the 6,500 level for the first time ever immediately after the open that day.