With SK hynix now allowed to be bought by collective investment schemes (funds) up to its market-cap weighting without an investment cap, it was tallied that pension funds, including the National Pension Service, moved in with large-scale "buy" orders.
SK hynix shares finished trading on the KOSPI at 6.2 million won on the 3rd. The stock rose 10.91% (610,000 won) from the previous session, climbing for the first time to the "600,000-nix" milestone.
The driving force that allowed SK hynix to write a record high was pension funds. Pension funds showed a net buying advantage of 165 billion won in SK hynix shares that day. It is the largest ever single-day net purchase by pension funds.
It appears to be thanks to the so-called "10%" rule being lifted. The Korea Financial Investment Association from that day included SK hynix along with Samsung Electronics among the stocks guided by market-cap weighting. Samsung Electronics common shares were at 18.33%, and SK hynix at 10.95%.
Under the Financial Investment Services and Capital Markets Act, funds can invest up to 10% in a single stock. However, there is an exception that allows investment up to the market-cap weighting if the market-cap ratio exceeds 10%.
As SK hynix's market-cap weighting exceeded 10% of the total market capitalization of the KOSPI during trading, the investment limit was lifted.
Stocks guided by market-cap weighting are calculated based on the last trading day of each month and applied for one month. Even if SK hynix maintains its current price level through the end of this month, its market-cap weighting is expected to increase further.