SEOUL, South Korea — South Korean stocks rallied nearly 2% on Thursday, snapping a three-day losing streak and pushing the benchmark KOSPI back toward the 7,000 mark as blockbuster results from U.S. memory chipmaker Micron Technology revived appetite for semiconductor shares.

The Korea Composite Stock Price Index rose 133.32 points, or 1.95%, to 6,971.36 as of 3:32 p.m. local time, near the end of the trading session. The index had closed Wednesday at 6,838.04.

The rally marked a sharp turnaround from the morning, when the KOSPI opened lower and briefly slipped as chip heavyweights Samsung Electronics and SK Hynix declined.

Weak start gives way to rebound

The index opened down 0.34% and fell 26.3 points, or 0.38%, to 6,811.74 in the first 15 minutes of trading, extending losses from a three-day slide. Samsung Electronics dipped 0.28% early in the session, while SK Hynix slipped 0.11%.

By mid-morning, the KOSPI was still hovering just below the previous close, trading in a range between 6,765.06 and 6,854.21.

But buying picked up as the session went on. Samsung Electronics and SK Hynix recovered after opening lower, as Micron's record results reinforced the view that the global memory chip shortage is tightening rather than easing.

Micron results lift chip sentiment

Micron, the largest U.S. memory chipmaker and a direct rival to Samsung and SK Hynix,........

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