Seoul [South Korea], November 24 (ANI): The stock prices of South Korean chipmakers Samsung Electronics Co. and SK hynix Inc. rebounded early Monday as the main Kospi index recovered on eased market concerns in the United States, as per a report by Pulse, the English service of Maeil Business News Korea.
Shares of Samsung Electronics were trading at 97,700 won (USD 66.41) as of 9:18 a.m. on Monday, up 3.06 percent from the previous session, while SK hynix shares were trading up 1.54 percent at 529,000 won.
Investors appear to be engaging in bargain hunting after Samsung Electronics and SK hynix plunged 5.77 percent and 8.76 percent, respectively, on Friday, with many viewing the sell-off as excessive, the Pulse report noted.
All three major indices on the New York Stock Exchange, in the meantime, closed sharply higher on Friday.
The Dow Jones Industrial Average rose 1.08 percent, while the Standard & Poor’s (S&P) 500 index and the Nasdaq Composite index climbed 0.98 percent and 0.88 percent, respectively.
Market sentiment improved as concerns eased that the Federal Reserve might refrain from delivering the December interest-rate cut widely expected by markets, the Pulse report noted.
However, worries about an ongoing artificial intelligence (AI) bubble were seen to have capped further gains, the news report added.
Experts in the domestic securities industry advised that the recent stock market volatility is driven more by liquidity flows than by corporate fundamentals.
“A buy-on-dips strategy remains effective whenever volatility spikes and prices fall sharply in the short term,” said Lee Kyung-min, an analyst at Daishin Securities Co. “This is because the recent volatility has not been triggered by fundamental factors.”
Separately, Samyang Biopharm Corp., the pharmaceuticals and biotech arm of Samyang Group, saw its stock hit the upper limit on the first day of Kospi trading on Monday following a spin-off.
Shares of Samyang Biopharm were trading at 30,200 won, up 29.89 percent from the initial offering price of 23,250 won.
Samyang Biopharm was officially launched as an independent entity dedicated to the group’s pharmaceuticals and biotech businesses after being spun off from Samyang Holdings Corp., the group’s holding company.
The spin-off was conducted as a pure split, in which Samyang Holdings shareholders received shares in both the existing and newly created companies in proportion to their ownership stakes, the Pulse report concluded. (ANI)
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