KOSPI rises led by secondary batteries and semiconductors… Earnings shock thanks to Tesla’s good news?

Secondary battery stocks that have soared all at once are leading the upward trend of KOSPI. It is interpreted that Tesla’s announcement of its plans to launch low-cost electric vehicles had a positive impact on secondary battery stocks. Semiconductor-related stocks are also rising along with the good news from the United States.

As of 10:40 am on the 24th, KOSPI is recording 2669.53, up 1.8% (46.51 points) from the previous day. While institutions and foreigners are net buying 233.9 billion won and 172.5 billion won, respectively, individuals are net selling 413.9 billion won.

KOSPI’s upward trend is led by secondary battery stocks. While POSCO Future M soared 4.7%, LG Energy Solutions, Samsung SDI, LG Chem, SK IE Technology, and L&F are recording increases of around 2%. On the KOSDAQ, secondary battery stocks are also showing excitement, with Ecopro BM rising 3%.

On November 2 last year, Tesla CEO Elon Musk attended the ‘Business Connect’ event held in London, England and smiled broadly during a conversation with British Prime Minister Rishi Sunak. /AFPBBNews=News 1.

The upward trend of rechargeable battery stocks is due to good news from Tesla’s earnings announcement. On this day, Tesla announced that it recorded sales of $21.31 billion (approximately KRW 29.1419 trillion) in the first quarter of this year. This is a 9% decrease from the same period last year, which is an earnings shock that falls short of Wall Street’s consensus. It has been about four years since the second quarter of 2020 that quarterly sales decreased compared to the same period last year. Net profit was $1.129 billion (KRW 1.5445 trillion), a sharp decline of 55% compared to the same period last year.

Investors reacted to Tesla’s business plan rather than to the earnings shock. Tesla CEO Elon Musk announced that he plans to advance the launch of low-cost electric vehicles from the second half of 2025 to early 2025. This is completely contrary to Reuters’ earlier report that Tesla was scrapping its plans to produce low-cost electric vehicles. Earlier this month, Reuters reported that Tesla decided to scrap its low-cost electric vehicle ‘Model 2’ project and focus on commercializing robotaxi.

Tesla rose 1.8% in regular trading and surged more than 13% in after-hours trading. Tesla’s stock price fell for 7 consecutive trading days until the 22nd of this month, falling to $142. It recovered to $160 due to a surge on this day. Tesla’s increase in sales following the launch of low-priced electric vehicles was received as a positive signal for domestic secondary battery stocks.

The rebound of semiconductor companies in the U.S. stock market is also one of the pillars of the KOSPI upward trend. Nvidia, the world’s leading semiconductor stock, soared 3.7%, while stocks such as TSMC 3.5%, ARM 3.2%, Micron 3.1%, and AMD 2.4% rose all at once. Thanks to this, the Philadelphia Semiconductor Index rose 2.2%.

The semiconductor boom from the United States has spread to Korea. While Samsung Electronics is up 3.6% and SK Hynix is ​​up 5.3%, Hanmi Semiconductor is recording a rise in the 10% range. In the market price by theme, 3D NAND 4.9%, HBM (High Bandwidth Memory) 4.8%, semiconductor equipment 3.7%, leading semiconductor stocks 3%, system semiconductors 3%, and neuromorphic semiconductors 3% ranked at the top.

[저작권자 @머니투데이, 무단전재 및 재배포 금지]