(LEAD) Seoul shares start sharply higher on tech gains led by Micron's strong earnings

Lead

South Korean stocks opened sharply higher on Thursday, propelled by a stronger-than-expected earnings report from U.S. memory chipmaker Micron Technology, as reported by Yonhap News Agency. The benchmark Korea Composite Stock Price Index (KOSPI) added 474.93 points, or 5.61 percent, to 8,945.95 as of 9:15 a.m., after having climbed 2.74 percent at the open.

The steep rise prompted Seoul's bourse operator to issue a buy-side sidecar at 9:07 a.m., halting program trading for five minutes. Such a sidecar is triggered when the KOSPI 200 Futures index increases 5 percent or more for at least one minute.

Coverage Comparison

Yonhap's coverage of Thursday's market open contrasted with its report from the previous day. On Wednesday, Seoul stocks had opened higher despite massive sell-offs in U.S. semiconductor shares, with the KOSPI adding 267.56 points, or 3.26 percent, to 8,471.4 as of 9:15 a.m. That gain came even as Wall Street closed lower overnight, with the Dow Jones Industrial Average slipping 0.09 percent, the S&P 500 dropping 1.44 percent, and the tech-heavy Nasdaq Composite Index falling 2.21 percent.

On Thursday, the market's advance was attributed directly to Micron's earnings, released after the U.S. market close, which the wire service said exceeded expectations. Overnight on Wall Street, stocks closed mixed amid concerns about overvaluation of artificial intelligence-related shares: the Dow rose 0.35 percent, while the S&P 500 lost 0.1 percent and the Nasdaq composite retreated 0.43 percent. Despite those mixed signals, investor sentiment in Seoul was boosted by Micron's report.

Key Claims

• The KOSPI rose 5.61 percent, or 474.93 points, to 8,945.95 as of 9:15 a.m. Thursday, according to Yonhap.
• The buy-side sidecar was triggered at 9:07 a.m., halting program trading for five minutes, as the KOSPI 200 Futures index had risen 5 percent or more for at least one minute, Yonhap reported.
• Samsung Electronics jumped 4.99 percent and SK hynix soared 9.88 percent on Thursday, Yonhap said. Samsung Electro-Mechanics advanced 2.24 percent and SK Square vaulted 8.56 percent.
• Hyundai Motor climbed 1.18 percent and its auto parts affiliate Hyundai Mobis gained 2.16 percent, according to the report.
• The Korean won was trading at 1,547.95 won against the U.S. dollar, down 6.15 won from the previous session, as of 9:15 a.m. Thursday, Yonhap stated.
• On Wednesday, the KOSPI had opened 1.86 percent higher and added 267.56 points, or 3.26 percent, to 8,471.4 as of 9:15 a.m., with SK hynix up 4.23 percent and Samsung Electronics up 7.26 percent, as reported by Yonhap. The won was at 1,534.8 won against the dollar, up 4.3 won from the previous session.