[Featured Stock] SK Hynix Down 3.5%... Impact of Weakness in US Semiconductor Stocks

[Asia Economy Reporter Kwon Jaehee] On the 17th, semiconductor leading stocks Samsung Electronics and SK Hynix showed weakness in the early trading session of the domestic stock market due to a sharp decline in U.S. semiconductor stocks.

As of 10:16 a.m. on the day, SK Hynix was trading at 88,300 KRW, down 3.50% from the previous trading day, and Samsung Electronics was trading at 61,800 KRW, down 1.44%, on the Korea Composite Stock Price Index (KOSPI).

SK Hynix initially dropped as much as 10.38% to 82,000 KRW in early trading but narrowed the decline.

The weakness in semiconductor stocks is attributed to the 4.26% plunge in the Philadelphia Semiconductor Index on the New York Stock Exchange on the 16th (local time), amid growing concerns about an economic slowdown.

U.S. semiconductor company Micron Technology announced it would reduce memory chip supply and further cut spending plans, causing its stock price to fall 6.70%.

Seosangyoung, a researcher at Mirae Asset Securities, analyzed, "Due to Micron, negative outlooks on the semiconductor industry have emerged, leading to an overall contraction in investment sentiment toward semiconductor stocks."