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South Korean stocks soared by more than 5 percent Thursday, briefly topping the 9,000-point level again, driven by a tech rally ignited by U.S. chip giant Micron Technology’s expectation-beating earnings report. The Korean won fell against the U.S. dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) gained 459.28 points, or 5.42 percent, to close at 8,930.30, following a 3.26 percent gain the previous day.

The index briefly topped the 9,000-point threshold, rising as high as 9,044.04.

Finishing at an all-time high of 9,114.55 on Monday, the KOSPI has remained in the 8,000-point range since it dived 9.99 percent Tuesday.

The index pulled off a strong start, with a buy-side sidecar issued shortly after the market opened, as Micron, the world’s No. 3 memory chipmaker, released its stronger-than-expected quarterly earnings, brushing off lingering concerns about the sustainability of an artificial intelligence (AI) rally.

Micron is a major beneficiary of the AI infrastructure spending boom along with Samsung Electronics and SK hynix thanks to rising demand for memory chips and high-bandwidth memory (HBM).

Trade volume was heavy at 449.3 million shares worth 50.4 trillion won (US$32.7 billion), with losers beating winners 588 to 289.

Institutions purchased a net 3.3 trillion won worth of stocks, while foreigners and individuals dumped a net 819.7 billion won and 2.5 trillion won, respectively.

“Micron’s strong financial report pushed up semiconductor shares here,” Kim Seok-hwan, an analyst at Mirae Asset Securities, said. “Airline shares also rose as the Strait of Hormuz seemed to reopen and global oil prices dropped.”

Samsung Electronics, the world’s largest memory chipmaker, jumped 5.29 percent to 358,500 won, and No. 2 SK hynix surged 13.06 percent to 2.9 million won.

SK Square, the parent of SK hynix, advanced 5.56 percent to 1.9 million won, and Samsung C&T, which holds a stake in Samsung Electronics, soared 7.79 percent to 519,000 won.

Flag air carrier Korean Air vaulted 6.4 percent to 29,100 won, and Asiana Airlines mounted 6.2 percent to 7,710 won.

Brokerages were also strong as Samsung Securities rose 3.07 percent to 110,800 won, and Kiwoom Securities gained 7.48 percent to 337,500 won.

The Korean won was quoted at 1,542.7 won per U.S. dollar as of 3:30 p.m., down 0.9 won from the previous session.

Bond prices, which move inversely to yields, closed higher. The yield on three-year Treasurys fell 1.5 basis points to 3.757 percent, and the return on the benchmark five-year government bonds declined 2.2 basis points to 3.992 percent.

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Lainey Wilson didn’t seem too worried about the high winds that temporarily shut down Stagecoach on Saturday night.

Headlining the festival’s main stage after an hour-long delay — during which fans were ordered to evacuate Indio’s Empire Polo Club before being allowed back in — Wilson looked out at the crowd in front of her and said of the unplanned break: “I hope y’all sat in your cars and drank some tequila.”

Lainey Wilson performs.

(Allen J. Schaben / Los Angeles Times)

The whoops across the field suggested that might’ve been what happened.

Only the third woman to headline Stagecoach in the past five years, Wilson offered a tight, punchy showcase of the riff-heavy country-rock that’s made her one of Nashville’s biggest stars (after a decade-long come-up in which she’s said she lived in a camper trailer).

“Can’t Sit Still” and “Wildflowers and Wild Horses” were swaggering and Stones-y; “Country’s Cool Again” rode a funky down-home groove. To fill the big stage — it evoked a kind of desert oasis with a glittering horseshoe and a couple of prop cacti — Wilson brought along a horn section and background singers who turned “Dreamcatcher” into a psychedelic roots-soul fantasia.

Not long into the show, Wilson welcomed Little Big Town and Riley Green for an appealingly sloppy rendition — complete with drinks in plastic cups — of Merle Haggard’s “I Think I’ll Just Stay Here and Drink.” Then she let Green, whose scheduled performance was scotched because of the wind, stick around to do his “I Wish Grandpas Never Died.” (Also called off Saturday was Journey’s set on the Mustang stage.)

Wilson’s only other guest was the little girl she ushered onstage and pronounced “cowgirl of the night” during “Things a Man Oughta Know.” After that came the singer’s dreamiest hit, “Somewhere Over Laredo,” and an especially sultry take on “Watermelon Moonshine,” the nostalgia-drunk love song from 2023 that’s probably still her finest moment.

Lainey Wilson performs.

(Allen J. Schaben / Los Angeles Times)

[Update: At of 8:42 p.m., the festival advised via its mobile app that Stagecoach will resume momentarily. “We are working to open doors and prep the site for your safety,” the alert said. Just before 9p.m. the gates were reopened.

Stagecoach updated its schedule for Saturday night after a temporary evacuation due to high winds. Journey, which had been scheduled to play the Mustang Stage, will no longer perform; Riley Green, set to play the Mane Stage will also not perform. Lainey Wilson, who was set to headline the Mane stage, will play an hour later than originally scheduled at 10:30 p.m.]

Due to high winds at Stagecoach, the festival promoter Goldenvoice postponed the festival Saturday night until further notice and crowds are currently being evacuated.

An “Emergency Evacuation” message showed up on screens on the festival’s Mane Stage saying “the festival is been postponed until further notice. Please move quickly and calmly to the nearest exit.”

The city of Indio where the fest is located is under a strong wind advisory until 11 a.m. Sunday morning. The advisory issued by the National Weather Service was in effect at 2 p.m. but the gusts didn’t pick up until Teddy swims’ Mane Stage set just after 5 p.m.

Thousands of people poured out of the festival. Despite there being messaging on the screen to evacuate, some emergency exits were still closed by security staff between the main stage and the main entrance. In addition to messaging on screens, the Stagecoach app sent an alert for people to evacuate.

Fans at the festival reported that the winds earlier were much stronger than the evening gusts that resulted in the spontaneous postponement.

“The show was pretty windy when we got there but we went into a saloon to see one of our friends do karaoke,” said Krystine Malins, 58. “When we came out palm trees were like bending in half.”

Malins, who has attended the festival since the first installment in 2007, said an evacuation was “the best call.”

“I just feel bad for these girls walking around half-naked in this wind,” she said.

Two Stagecoach festival attendees, Ellie, 27, and Angelique, 22, sat at tables farther back from the stage watching people filing out of the festival.

“We were trying to see Pitbull at the end of the night, so that’s kind of like our whole night, I don’t know, ruined I guess,” Angelique said. “We were kind of hoping for a refund.” Asked about whether the wind felt seriousness enough to stop the show, the pair were cautiously optimistic. “Honestly I would say yeah [it’s bad], but I feel like there could still be potential for it to go down, but it felt worse earlier,” Angelique said.

Despite the evacuation, the general atmosphere among many festival goers was calm as crowds were walking back to their cars.

“I didn’t even know what was going on until I saw the screen [at the Mane Stage] and then I started hearing “Hey they’re evacuating, get out,” one festival goer told the Times. “But then we had to sit it out because there was a clog at the exit. It’s not that bad.”

April 24 (Asia Today) — Japan’s Nikkei 225 Stock Average briefly topped 60,000 for the first time Thursday, setting a record milestone as artificial intelligence and semiconductor-related shares led gains.

The index rose as high as 60,013 during morning trading, MarketWatch reported. But analysts said the rally was concentrated in a small group of high-priced technology shares, leaving the broader market less buoyant.

The Nikkei 225 is calculated as a price-weighted average of 225 stocks, meaning companies with higher share prices have a larger effect on the index. SoftBank Group, Advantest and Tokyo Electron were among the AI and semiconductor-related stocks that helped push the benchmark higher.

Foreign investors have focused on semiconductor-related companies because they are closely tied to the AI supply chain and offer clearer near-term earnings visibility, analysts said.

JPMorgan Chase reflected that optimism by raising its year-end Nikkei target to 70,000 from 61,000, citing the AI boom and a weaker yen, Reuters reported.

Still, the broader market has not risen at the same pace. The Topix index and the Yomiuri 333, an equal-weighted index, have not recovered to their late February highs. That suggests the latest rally is being driven more by large technology stocks than by broad-based market strength.

The Nikkei later gave up gains as investors took profits after the record intraday high. Some strategists said the rapid rise has raised concerns about overheating and could lead to a short-term correction.

Whether the rally can continue may depend on whether buying spreads beyond semiconductors to domestic demand, financial and manufacturing shares. If gains remain concentrated in a few high-priced stocks, the Nikkei could rise further while many investors and consumers feel little improvement in the broader economy.

— Reported by Asia Today; translated by UPI

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Original Korean report: https://www.asiatoday.co.kr/kn/view.php?key=20260424010007785