Micron's Strong Earnings Push KOSPI to Brink of 7,000

Propelled by strong earnings from US chipmaker Micron, the KOSPI closed on the brink of recapturing the 7,000 mark. On the first trading day of October, the KOSPI finished around 6,970, up nearly 2%. Samsung Electronics rose in the 2% range and SK Hynix in the 3% range, driving the index's rebound.

Micron's results announced overnight beat market expectations, and the company projected that the memory supply-demand imbalance could deepen further next year and into 2028.

Lee Kyung-min, a researcher at Daishin Securities, said, "2022 was the only time the market crashed during a past rate-hike cycle," adding, "When the economy and industries remain solid enough to withstand a period of rate hikes, the market has concentrated on those sectors and shown strength."

The KOSDAQ surged more than 4% as buying momentum expanded, centered on semiconductor parts and materials stocks.