Samsung Electronics, SK hynix shares hit new 52-week highs

2024.04.01 11:02:01 | 2024.04.01 11:02:20

[Graphics by Song Ji-yoon]이미지 확대

[Graphics by Song Ji-yoon]

Shares in South Korea’s Samsung Electronics Co. and SK hynix Inc. hit new 52-week highs in the Monday morning session, taking part in a continuous rally in semiconductor stocks.

SK hynix was trading at 187,700 won ($139.65) on the main Kospi market as of 9:11 a.m. on Monday, up 2.57 percent from the previous trading day. The stock hit the 190,500 won mark earlier in the day, a new 52-week high.

Shares of Samsung Electronics was also trading 0.24 percent higher at 82,600 won after hitting a new high of 83,300 won in earlier trading.

Hanmi Semiconductor Co. shares were trading up 6.66 percent at 142,600 won. The stock also hit a new high of 146,300 won in earlier trading, driven by expectations for growth in artificial intelligence (AI) semiconductor ahead of its earnings report for the first quarter of 2024.

“We expect Samsung Electronics to exceed consensus expectations in earnings improvement and show signs of improvement in its high-bandwidth memory (HBM), which has been its Achilles‘ heel so far,” Eugene Investment & Securities Co. analyst Lee Seung-woo, said. He raised his price target for Samsung Electronics to 107,000 won from 91,000 won.

For its part, WOORY Industrial Co. and its largest shareholder, WOORY Industrial Holdings Co., saw a sharp rise in their stock prices on Monday thanks to the news that WOORY Industrial will supply electric vehicle parts to China’s Xiaomi Inc.

WOORY Industrial shares traded at 19,640 won, up 2,890 won, or 17.25 percent, from the previous trading day, as of 9:15 a.m. on the secondary Kosdaq market. WOORY Industrial Holdings was up 700 won, or 17.72 percent, to 4,650 won.

WOORY Industrial also recently announced that it is supplying heaters for Xiaomi’s first electric vehicle, the SU7, with orders exceeding 50,000 units in less than 30 minutes of its release on March 27th, 2024.

By Pulse

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