SEOUL, Oct. 29 (AJP) — SK hynix's third-quarter results kept South Korea's main index above 6,000 on Thursday, but the gain rested on a handful of chip heavyweights.
The Korea Composite Stock Price Index (KOSPI) opened higher, rising 25.4 points, or 0.4 percent, to 6,037.8. However, LG Energy Solution shares tumbled after LG Chem sold a 2.5 trillion won (US$1.87 billion) stake in the battery maker, weighing on battery stocks and the tech-heavy KOSDAQ.
The KOSDAQ, the country's tech-heavy secondary market, fell 2.5 percent, losing 19.2 points to 752.1.
Decliners swamped gainers 728 to 144 on the main board. The KOSPI briefly slipped below 6,000 before chip buying lifted it. It surged 6.6 percent the previous day to 6,012.4, reclaiming the 6,000 mark for the first time in 10 sessions.
SK hynix rose 4.9 percent to 1,560,000 won ($1,168) on top of a 10.9 percent jump in the previous session. The chipmaker reported third-quarter operating profit of 83.33 trillion won ($62.4 billion), a quarterly record, alongside a large shareholder-return plan.
SK square, SK hynix's largest shareholder, gained 4.1 percent to 959,000 won ($718).
Samsung Electronics rose 1.0 percent to 244,500 won ($183). It releases detailed third-quarter results on Thursday, and its board is expected to approve a cash dividend of about 30 trillion won ($22.5 billion).
LG Energy Solution plunged 8.1 percent to 358,000 won ($268), the worst showing among the 10 largest stocks by market value on the main board.
Its parent LG Chem disclosed after Wednesday's close that it will dispose of 6,535,939 LG Energy Solution shares for about 2.5 trillion won ($1.87 billion). The sale price is set at Tuesday's close of 382,500 won ($286). The sale is paired with a two-year price return swap, a contract that keeps LG Chem exposed to the stock's price moves.
LG Chem said the proceeds will shore up its finances and fund growth investment.
Traders read the deal as fresh supply overhang. LG Chem raised about 2 trillion won ($1.5 billion) through a similar swap last October and has said it plans to cut its stake to around 70 percent over roughly five years.
The selling spread to battery materials makers EcoPro and EcoPro BM on the KOSDAQ, where foreign and institutional investors were net sellers.
Hyundai Motor fell 2.0 percent to 290,000 won ($217).
On the main board, foreign investors bought a net 344.0 billion won ($257.5 million), on course for a third straight session of buying. Institutions sold a net 673.3 billion won ($503.9 million), and individuals bought 299.3 billion won ($224.0 million).
The Nikkei 225 in Tokyo rose 702.3 points, or 1.1 percent, to 64,656.5.
The South Korean won traded at 1,336.1 per dollar, 7.4 won stronger than the previous session.
AJP Takeaways
- SK hynix's third-quarter operating profit of 83.33 trillion won ($62.4 billion), the highest quarterly figure in the company's history, carried South Korea's KOSPI above 6,000 on Thursday while most listed stocks fell.
- LG Energy Solution fell 8.1 percent after LG Chem disclosed a planned sale of about 2.5 trillion won ($1.87 billion) in LG Energy Solution shares, its second such swap after one in October 2025. LG Chem has said it plans to cut its LG Energy Solution stake to around 70 percent over roughly five years.
- Samsung Electronics' detailed third-quarter results and an expected cash dividend of about 30 trillion won ($22.5 billion) are the next test for South Korea's chip-led rally.
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