[이코노믹리뷰=노성인 기자] Samsung Electronics (005930) and SK Hynix (000660), the leading semiconductor stocks in Korea, are showing an upward trend. There is a diagnosis that the stock market prediction that “semiconductors will lead the stock market in the second half” is becoming a reality.
According to the Korea Exchange on the 3rd, the stock price of Samsung Electronics stood at 81,200 won, up 1,900 won (2.40%) from the previous trading day at 3 pm. This is the first time in 13 trading days since July 16 (mid-day high of 80,100 won), it has recovered to the 80,000 level. SK Hynix also rose 3.88% from the previous day. Both Samsung Electronics and SK Hynix showed an upward trend for the second consecutive trading day.
Samsung Electronics and SK Hynix have continued to show sluggish share prices despite their strong performance in the second quarter. This is because there are concerns that the price of memory semiconductor DRAM will fall in October following a slowdown. TrendForce, a market research firm, reported in a report on the 30th of last month, “The price of DRAM general-purpose products for PC (DDR4 8Gb) rose by 7.89% last month following a 5% increase in January and 26.67% in April. After approaching the peak in April, the uptrend slowed in July. In addition, it will be passive in placing orders for production due to changes in market conditions such as the impact of increased inventory at demand and the re-spread of COVID-19.”
As uncertainty about the semiconductor industry has been raised, there has been a sell-off led by foreigners. In July, foreigners net sold 2,289.2 billion won worth of Samsung Electronics shares. Compared to last June, net sales of KRW 400.1 billion were more than five times higher. Foreigners also sold 906.5 billion won worth of SK Hynix during the same period.
However, it seems that the stock market forecast that semiconductor stocks will show a positive share price trend in the second half of the year on the recent brisk global semiconductor industry is becoming a reality. According to the Ministry of Trade, Industry and Energy, total exports in July recorded $55.44 billion, up 29.6% from a year earlier. By item, semiconductors exported US$11 billion, achieving US$10 billion in exports for the third month in a row. In particular, last month surpassed the performance of July 2018 ($10.4 billion), which is known as the semiconductor supercycle, and took the first place in the history of July.
In addition, last night, the Philadelphia Semiconductor Index of the US rose 0.62% from the previous trading day to close at 3,377.49, recording an all-time high.
In the case of Samsung Electronics, the news that quarterly semiconductor sales surpassed Intel also acted as a positive factor for the share price. On the 1st (local time), the Wall Street Journal (WSJ) reported that Samsung Electronics’ semiconductor sales in the second quarter were $19.7 billion, higher than Intel’s total sales of $19.6 billion. It is the first time since 2017 and 2018, when the memory semiconductor market was booming, that Samsung ranked first in semiconductor quarterly sales.
As a result, foreign buyers are influencing Samsung Electronics. It is estimated that over 2.2 million shares have been net purchased from foreign channels such as JP Morgan so far right after the opening. In SK Hynix, Macquarie Securities and Morgan Stanley are buying.
The stock market predicted that the rebound of semiconductor stocks, which had been predicted since the beginning of this year, would begin in earnest.
“There are no signs of a sharp drop in demand or a surge in supply yet,” said Choi Do-yeon, a researcher at Shinhan Investment Corp.
He continued, “The direction of the upcycle is still there as manufacturers’ inventories are tight and server demand is expected to continue increasing. The debate over the peak is expected to weaken when the forward inventory is digested.” and analyzed.
As the valuation appeal of the domestic stock market has recently been highlighted, there is also an analysis that a ‘return of foreigners’ will be made centered on semiconductor stocks. Ji-young Han, a researcher at Kiwoom Securities, said, “The fact that the semiconductor industry, such as Samsung Electronics and SK Hynix, accounts for 30% of the domestic stock market capitalization, can be seen as the Korean stock market itself. Foreign net buying will resume, centering on the
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