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13.07.26 - 14:21
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AI Winners Unwind Sparks Panic In South Korea As SK Hynix Suffers Record Plunge, KOSPI Dumps (ZeroHedge)
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AI Winners Unwind Sparks Panic In South Korea As SK Hynix Suffers Record Plunge, KOSPI Dumps
SK Hynix shares suffered their steepest decline on record in Seoul following Friday's blockbuster ADR debut in New York. The sell-off spread across South Korea's memory and data storage stocks, helping to drive the benchmark KOSPI down as much as 9% and triggering a 20-minute market-wide trading halt.
SK Hynix fell 15% to 1.845 million won on Monday, while its ADRs dropped nearly 9% in premarket trading to $153.50. The decline came as the chipmaker began trading under its ticker "SKHY" following last Friday's $26.5 billion U.S. listing, the largest share sale by a foreign company.
"Korea's SK Hynix shares are now down 15.6% on the day, for a 37% decline since the June 22 high. Still, the stock is 160% higher than at the start of the year. In part the drop in the Korea listing reflects a switch trade – selling the locally listed shares to buy the US ADRs, which launched on Friday. ...
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13.07.26 - 06:18
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Kospi dream rally fumbles: World′s best-performing stock plunges 7% - what′s behind crash? (Times of India)
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South Korea's Kospi index experienced a significant 7% decline on Monday. Rising Middle East tensions and oil price spikes rattled global investors worldwide. Technology stocks, including SK Hynix and Samsung Electronics, led the sharp fall. The market correction intensified concerns over AI-linked semiconductor company valuations. Despite the recent drop, the Kospi remains a top global performer this year....
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