Stocks of South Korean chipmakers Samsung and SK hynix surged after Nvidia’s stronger-than-expected Q3 earnings report. The US firm’s record sales boosted Seoul tech stocks. Separately, parts maker CMTX more than doubled on its Kosdaq debut.
The stocks of South Korea’s top chipmakers rose sharply on Thursday after Nvidia Corp. reported stronger-than-expected earnings for the fiscal third quarter, as per a report by Pulse, the English service of Maeil Business News Korea.
Shares of Samsung Electronics Co. traded up 3.63 per cent at 100,000 won (USD 68) as of 9:06 a.m. after touching an intraday high of 100,900 won. SK hynix Inc. jumped 5.34 per cent to 592,000 won.
The rally followed Nvidia’s after-hours surge in New York, where the U.S. chipmaker posted a 62 per cent year-on-year sales jump to a record USD 57.01 billion for the August-October period, beating the $54.92 billion consensus compiled by market research firm LSEG, the Pulse report noted.
Nvidia shares rose about 5 per cent in after-hours trading.
“Nvidia delivered results that surpassed both market concerns and expectations,” said Han Ji-young, analyst at Kiwoom Securities Co, as per the news report. “The earnings beat is likely to lift sentiment toward large-cap tech names in Seoul.”
CMTX Soars on Kosdaq Debut
Separately, semiconductor parts maker CMTX more than doubled on its first trading day on the Kosdaq, as per the report.
The stock was at 136,500 won as of 9:09 a.m., up 125.62 per cent from its offering price of 60,500 won. The stock jumped as much as 154.55 per cent earlier.
CMTX, the sole domestic Tier-1 supplier to Taiwan’s TSMC, reported sales of 108.7 billion won and operating profit of 23.6 billion won last year, the news report added. (ANI)
(Except for the headline, this story has not been edited by Asianet Newsable English staff and is published from a syndicated feed.)