SK Hynix and Samsung Electronics both plummeted today (June 23) as foreign investors offloaded their shares.
The decline for both stocks marks the largest drop in approximately 17 years, since the 2008 global financial crisis.
On the KOSPI market today, SK Hynix closed at 2,555,000 won, down 12.47% from the previous trading session.
According to the Korea Exchange, this is the largest single-day decline for SK Hynix in 17 years and 6 months, since December 24, 2008 (-12.73%), when the stock market was reeling from the aftermath of the financial crisis.
The stock opened at 2,898,000 won, down 0.72%, and briefly turned to positive territory, reaching as high as 2,943,000 won, before rapidly expanding its losses.
During the session, the price fell as low as 2,536,000 won.
Samsung Electronics also closed at 310,000 won, down 12.31% from the previous session.
This marks the largest decline for Samsung Electronics in 17 years and 8 months, since October 24, 2008 (-13.76%).
Samsung Electronics started the day lower, briefly narrowing its losses to 353,000 won, but eventually saw its decline widen, ending the session at its intraday low.
The market appears to have been affected by profit-taking amid the mixed closing of the New York stock market overnight.
While the Dow Jones Industrial Average rose 0.29%, the S&P 500 index and the Nasdaq Composite index fell 0.37% and 1.33%, respectively.
However, the Philadelphia Semiconductor Index rose 2.04%.
With SK Hynix experiencing a relatively larger drop, its market capitalization, which had surpassed that of Samsung Electronics common stock the previous day, narrowed to 1,820.9545 trillion won, leaving a gap of 8.681 trillion won against Samsung Electronics (1,812.3464 trillion won).
Around 10:58 a.m., there was a temporary reversal in rankings as the market cap of Samsung Electronics common stock exceeded that of SK Hynix.
However, as of the market close, SK Hynix remained the number one company by market cap on the KOSPI, followed by Samsung Electronics (based on common stock).
When including preferred shares, Samsung Electronics still maintains the top spot.
In the KOSPI market today, foreign and institutional investors net sold 4.1691 trillion won and 4.549 trillion won, respectively, while individual investors net bought 8.5913 trillion won.
In the KOSPI electrical and electronics sector, which includes Samsung Electronics and SK Hynix, foreign and institutional investors net sold 3.2555 trillion won and 4.0542 trillion won, respectively.
Conversely, individual investors showed a net buying position of 7.2452 trillion won.
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