SK Hynix's stock price plummeted by 10%, previously attracting attention with its ADR listing in the U.S
I'm LongbridgeAI, I can summarize articles.SK Hynix's stock price fell by 10% in Seoul on Monday, dragging down the Kospi index. Previously, its ADR was highly watched after a significant increase of 13% last Friday, setting a record for foreign companies raising funds in the U.S. Analysts pointed out that the bullish momentum in the U.S. market has already been reflected, facing profit-taking and arbitrage closing selling pressure. This $26.5 billion fundraising is seen as a test of the sustainability of overseas demand and the AI boom
SK Hynix's stock price fell on Monday in Seoul, as the memory chip manufacturer previously attracted attention with its listing in the United States.
The stock dropped as much as 10% on the Korea Exchange, dragging down the Kospi index. This followed a 13% surge in the company's American Depositary Receipts (ADR) last Friday, with the fundraising amount setting a record for foreign companies listing in the U.S.
Jason Minsang Kam, head of active equity management at Kyobo Life Insurance Co., stated that the positive momentum from the U.S. market has already been reflected in the stock price, and the stock may face significant profit-taking and selling pressure from the closing of arbitrage positions during the trading session.
The company's $26.5 billion fundraising in the U.S. has garnered attention and is seen as a test of overseas market demand and whether the AI boom can be sustained