Samsung, SK Hynix shares Sprong after OpenAi Chip Deal

Round-up of South Korean Financial Markets

** South Korean shares reached a record high on Thursday, while chip makers encouraged partnership agreements with the American artificial intelligence agency OpenAi.

** The Benchmark Kospi rose 107.14 points, or 3.10%, at 3,562.97, from 0246 GMT, after he had hit his record high at 3,565.96.

** Samsung electronics have risen by more than 4% to the highest level since January 2021 and SK Hynix won more than 12% to a record high.

** The two chip makers, good for almost 30% of the benchmark index by market capitalization, signed a deal on Wednesday to deliver memory chips for the data centers of OpenAi.

** Samsung Electronics’ Affiliates Samsung SDI, Samsung C&T and Samsung SDS also rose sharply on the deal. ** “We expected that profit was before vacation, but the semiconductor sector leads the profit of the benchmark with strong foreign intake in cheerful exports and the OpenAI deal,” said Lee Sung-Hoon, an analyst at Kiwoom Securities. ** The global AI tree has stimulated a strong demand for semiconductors, as a result of which the export of South Korea increased in September in 14 months in September, despite a hit of American rates, causing the expectations of the past past.

** Foreigners were net buyers of local shares worth 1.72 trillion ($ 1.23 billion).

** South Korean financial markets will be closed from 3 October to 9 October for public holidays.

** Among other things, index heavyweights climbed, battery maker LG Energy Solution climbed by 1.44%, while Hyundai Motor and Sister Automaker Kia Corp respectively rose 1.97%and 2.78%.

** Steelmaker Posco Holdings throws 0.18%, while drug maker Samsung Biologics rose by 0.50%.

** The won was quoted at 1,401.3 per dollar on the Onshore settlement platform, 0.12% higher than its previous closure at 1,403.0.

** The most liquid three-year-old Korean treasury bond efficiency return fell by 1 basic point to 2,588%, while the return of 10 years fell by 0.1 BP to 2,959%. ($ 1 = 1,401,4000 won).