SK hynix briefly became the second South Korean company after Samsung Electronics to surpass a market capitalization of 2,000 trillion won ($1.31 trillion) on Friday. A semiconductor-led rally pushed the benchmark Kospi to a fresh intraday record before a broad market selloff erased the gains by the close.
Shares of SK hynix surged to a record high of 2,891,000 won during early trading, lifting its market value to about 2,059 trillion won for the first time. The stock later gave up much of its gains but still ended 2.94 percent higher at 2.764 million won.
Samsung Electronics hit 374,500 won at one point, pushing its market capitalization to about 2,180 trillion won. However, the stock reversed course and finished down 2.34 percent at 354,000 won.
Fueled by gains in chip stocks, the Kospi surged past the 9,300-point mark for the first time — just one day after crossing the 9,000 threshold — touching an all-time intraday high of 9,385.59.
However, gains quickly unraveled as institutional investors stepped up selling and buying remained concentrated in a handful of chip heavyweights. The Kospi closed lower by 11.42 points at 9,052.42, having swung wildly during the session.
Retail investors bought a net 1.7 trillion won worth of stocks, while institutions and foreigners sold a combined net 1.6 trillion won.
Market volatility was also fueled by uncertainty over delayed US-Iran follow-up talks and growing concerns that the Kospi's recent rally had become overstretched, industry watchers say. The White House said Vice President JD Vance's planned trip to Switzerland for discussions related to the negotiations had been postponed.
The tech-heavy Kosdaq fared even worse. After briefly reclaiming the 1,000-point level at the open, the index tumbled 3.43 percent to close at 966.59, weighed down by heavy institutional selling and broad-based declines across growth stocks.
Market watchers said the latest rally reflects a deepening concentration of large-cap chip stocks, particularly SK hynix and Samsung Electronics, which continue to account for an increasingly large share of the Kospi's gains.
Combined, Samsung Electronics and SK hynix account for over 50 percent of the Kospi’s market capitalization.
sahn@heraldcorp.com
