Samsung Electronics hits 52-week high

Samsung Electronics headquarters in southern Seoul [NEWS1]

Kospi's top market cap Samsung Electronics traded at 73,400 won ($55.85) around 11:00 a.m. Thursday to reach a 52-week high. Samsung Electronics last traded at 73,400 won during the session on Feb. 22 last year.

Samsung Electronics' rise follows U.S. chipmaker Micron beating market expectations for its third quarter fiscal 2023 earnings overnight. Micron's revenue came in at $3.75 billion, beating analyst forecast of $3.69 billion.

The memory chipmaker's stock rose more than 4 percent during after-hours trading.

"We believe that the memory industry has passed its trough in revenue, and we expect margins to improve as industry supply-demand balance is gradually restored," Micron CEO Sanjay Mehrotra said.

SK hynix rose 1.57 percent to 116,100 won.

BY SOHN DONG-JOO [sohn.dongjoo@joongang.co.kr]