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

Lead

South Korean stocks opened sharply higher on Thursday, driven by gains in semiconductor shares after U.S. memory chipmaker Micron Technology reported stronger-than-expected quarterly earnings, as reported by Yonhap News Agency.

The benchmark Korea Composite Stock Price Index (KOSPI) added 232.40 points, or 2.74 percent, to 8,703.42 at the opening bell, according to Yonhap.

The advance came despite a mixed close on Wall Street overnight, where concerns about overvaluation of artificial intelligence-related shares weighed on sentiment. The Dow Jones Industrial Average rose 0.35 percent, while the S&P 500 lost 0.1 percent and the Nasdaq composite retreated 0.43 percent, Yonhap reported.

Investor sentiment was boosted after Micron released its quarterly report following the U.S. market closure, as both its results and forecast exceeded expectations, the news agency said.

Coverage comparison

Yonhap's reports covered two consecutive trading sessions. On Wednesday, the wire service said Seoul stocks opened higher despite massive sell-offs in U.S. semiconductor shares, with the KOSPI adding 152.95 points, or 1.86 percent, to 8,356.79 at the opening bell.

That report noted Wall Street had 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.

Yonhap also reported that the KOSPI had plunged nearly 10 percent on Tuesday as foreign investors dumped major semiconductor shares and other market heavyweights amid profit-taking.

Key claims

• The KOSPI opened higher on Wednesday, adding 152.95 points, or 1.86 percent, to 8,356.79, as reported by Yonhap.
• Wall Street closed lower overnight on Wednesday, with the Dow slipping 0.09 percent, the S&P 500 dropping 1.44 percent, and the Nasdaq falling 2.21 percent, according to Yonhap.
• The KOSPI plunged nearly 10 percent on Tuesday, a claim carried by Yonhap.
• The KOSPI opened sharply higher on Thursday, adding 232.40 points, or 2.74 percent, to 8,703.42, as reported by Yonhap.
• Micron Technology's earnings report exceeded expectations, according to Yonhap.
• Wall Street closed mixed overnight on Thursday, with the Dow rising 0.35 percent, the S&P 500 losing 0.1 percent, and the Nasdaq retreating 0.43 percent, as reported by Yonhap.