Kospi Opens 2.42% Higher at 8,242.12 as Samsung, SK Hynix Jump
Summary
- The Kospi opened at 8,242.12, up 2.42%%, breaking above 8,200.
- Samsung Electronics and SK Hynix both surged after Micron Technology soared overnight in New York.
- UBS tripled its price target on Micron, helping lift investor sentiment as the company's market capitalization topped $1 trillion.
Forecast Trend Report by Period
The Kospi opened sharply higher on May 27, climbing above 8,200 as Samsung Electronics and SK Hynix jumped after Micron Technology's overnight surge in New York.
The benchmark index opened at 8,242.12, up 194.61 points, or 2.42%.
Samsung Electronics opened 7.53% higher.
Micron, a memory-chip maker, surged nearly 20% overnight in New York, lifting its market capitalization above $1 trillion. The rally followed UBS's decision to triple its price target on the stock, bolstering investor sentiment.
On May 26, Micron rose 19.29% to close at $895.88 in New York trading. Its market capitalization stood at about $1.01 trillion at the close.
UBS raised its Micron price target to $1,625 from $535, a move that was the main catalyst for the stock's sharp gain. The bank said Micron had shifted from a typical cyclical company to a structurally high-profit business.
Han Kyung-woo, Hankyung.com reporter, case@hankyung.com
Korea Economic Daily
hankyung@bloomingbit.ioThe Korea Economic Daily Global is a digital media where latest news on Korean companies, industries, and financial markets.
