Samsung Electronics and SK Hynix posted modest early gains as strength in U.S. semiconductor stocks supported sentiment.
Gains in the Philadelphia Semiconductor Index and advances in Intel, AMD, Broadcom, Seagate and SK Hynix ADR helped draw buying into South Korea’s large-cap chip stocks.
Escalating clashes along Red Sea shipping lanes and reports of an attack on an Iranian tanker pushed international oil prices close to $100 a barrel, weighing on the South Korean stock market.
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Photo: Samsung Electronics, SK Hynix
Samsung Electronics Co. and SK Hynix Inc. posted modest early gains on Sept. 9, as strength in U.S. semiconductor shares supported sentiment, though a jump in international oil prices capped the advance.
As of 9:11 a.m., Samsung Electronics was trading 0.19% higher than the previous session at 270,000 won, while SK Hynix was up 1.17% at 1,814,000 won.
The gains came after semiconductor stocks rose across the board on Wall Street overnight, drawing buying into South Korea’s large chipmakers. The Philadelphia Semiconductor Index climbed 1.3%.
Among individual stocks, Intel surged more than 9% on news that it plans to raise prices for PC central processing units by about 10% more in October. AMD gained 5.90%, Broadcom rose 2.98%, and Seagate advanced 6.49%. SK Hynix’s American depositary receipt also climbed 4.83%.
At the same time, a sharp rise in international oil prices weighed on the domestic stock market. Fighting intensified not only near the Strait of Hormuz but also along Red Sea shipping routes affected by Houthi rebels, renewing concern over possible disruptions to crude shipments from the Middle East.
Supply concerns also grew after reports said a small Iranian oil tanker was struck by a U.S. missile attack in waters near Kharg Island, one of Iran’s main crude export hubs. International oil prices approached $100 a barrel. Brent crude for November delivery settled up 0.95% at $97.92 a barrel, while West Texas Intermediate for October delivery rose 1.69% to $93.03 a barrel.