SK Hynix falls 10% in Korea despite US 13% surge
Business
SK Hynix, the big name behind memory chips for NVIDIA's AI processors, saw its shares drop 10% on the Korean stock market this Monday, even though its US shares had just jumped 13% on Wall Street.
The company's recent IPO raised a massive $26.5 billion, setting a new record for the largest foreign IPO in US history.
Profit taking drags KOSPI down
Analysts say investors were cashing out profits and unwinding trades after all the Wall Street hype was already baked into prices.
SK Hynix's US shares ended up trading at a nearly 15% premium over its Korean ones.
The dip also pulled down Samsung Electronics and led to a slide of over 4.5% in Korea's KOSPI index, which is now down 24% from its June peak, despite SK Hynix stock having soared over 700% over the past year.