Micron's upbeat results drive tech stock rally in Korea

President Joe Biden listens to Intel CEO Pat Gelsinger, left, as Intel factory manager Hugh Green watches during a tour of the Intel Ocotillo Campus, in Chandler, Ariz., on Wednesday. [AP]

Shares of Samsung Electronics and SK hynix are soaring in the morning session on Thursday, buoyed by positive cues from Micron’s upbeat guidance.

The Kospi-listed Samsung Electronics rose by 1.56 percent as of 9:47 a.m., reaching 78,100 won ($59), while SK hynix on the same bourse surged by 6.45 percent to 166,600 won.

Micron, a U.S. memory chip giant, delivered better-than-expected revenue for its fiscal second quarter on Wednesday, propelling the company’s stock by over 14 percent in extended trading.

Additional major announcements, such as the Fed's decision to maintain rate cuts this year and Intel securing $19.5 billion in government subsidies, also contributed to the rally, according to analysts at local brokerages.

BY PARK EUN-JEE [park.eunjee@joongang.co.kr]