SK Hynix Hits 3 Million Won but Turns Lower on Profit-Taking

SK hynix Surpasses 3 Million Won in Pre-market Trading
Maintains Top Market Cap for Second Day, Overtaking Samsung Electronics

The KOSPI index opened at 9,083.54, down 31.01 points from the previous trading day, on the 23rd. The electronic board showing the status of the domestic stock market is displayed inside the dealing room of Hana Bank’s headquarters in Jung-gu, Seoul. June 23, 2026. Photo by Kang Jinhyung

SK hynix continued to hold the top spot in market capitalization on the Korean stock market for the second consecutive day, surpassing 3 million won for the first time ever in pre-market trading. The KOSPI index is currently undergoing a correction as investors take profits following the recent sharp rally.

According to the Korea Exchange on June 23, SK hynix hit 3,002,000 won in pre-market trading at around 8:04 a.m., surpassing the 3 million won mark for the first time in its history. Having started the year at 651,000 won, SK hynix has soared by about 340% this year, overtaking Samsung Electronics yesterday to become the number one company by market capitalization.

However, during regular trading hours, SK hynix's share price declined and, as of 10:04 a.m., was trading at 2,869,000 won, down 1.71% from the previous trading day. Samsung Electronics was also trading down 3.11% at 342,000 won. The market capitalization of SK hynix stands at 2,036 trillion won, maintaining its lead over Samsung Electronics, which is at 2,008 trillion won, for the second consecutive day on the KOSPI. However, if preferred shares are included, Samsung Electronics still has a market cap that is over 100 trillion won larger.

The reversal in market capitalization between the two companies is attributed to the market's positive assessment of SK hynix’s focus on artificial intelligence (AI) semiconductors, as well as expectations for the company's listing of American Depositary Receipts (ADRs) in the United States. In March, SK hynix submitted an application to the U.S. Securities and Exchange Commission (SEC) for an ADR listing. ADRs are securities issued to allow foreign companies to trade their shares on U.S. stock exchanges, serving as a means to enhance global investor access. The market anticipates that SK hynix’s ADR could be listed as early as August.

There is also analysis that the anticipation of SK hynix’s valuation reaching the level of its competitor Micron after the ADR listing is driving up its share price. Sunwoo Kim, a researcher at Meritz Securities, predicted, "With the issuance of SK hynix’s ADRs in the United States, funds holding Micron are expected to immediately include SK hynix, leading to a sharp revaluation of the stock."

Expectations for shareholder returns in the second half of the year remain high. SK hynix has stated that it will use about 50% of its free cash flow (FCF) generated through 2027 to fund shareholder returns. In the market, there are expectations that SK hynix’s shareholder return program, including cash dividends and share buybacks and cancellations, could approach 100 trillion won this year.

Meanwhile, as the share prices of the two semiconductor giants fell, the KOSPI was trading at 8,967.07 as of 10:05 a.m., down 1.62% from the previous trading day. The KOSDAQ was down 2.68% at 942.44. While Samsung Electro-Mechanics (-6.46%) and Hyundai Motor (-5.51%) were declining, SK Square (up 5.84%), Samsung Life Insurance (up 6.22%), and Samsung C&T (up 0.96%) were on the rise.

Jiyoung Han, a researcher at Kiwoom Securities, commented, "There is a mix of external upward and downward factors, including the sluggish performance of big tech stocks such as the U.S. Magnificent 7, concerns over high market interest rates, a strong Philadelphia Semiconductor Index with gains of over 2%, and declining oil prices." Han also noted, "With the competition for the top spot in market capitalization, volatility in supply and demand is expected to increase for the time being."

This content was produced with the assistance of AI translation services.