The share price of Korea's leading semiconductor stock SK hynix topped 1 million won for the first time ever, achieving the "100 million-nix" milestone.
As of 11:16 a.m. on the 24th, SK hynix is trading at 996,000 won, up 45,000 won (4.73%) from the previous session. It hit 1 million won intraday, breaking the record high.
Even though tech stocks fell overnight on Wall Street on concerns about artificial intelligence (AI) investments, in Korea optimism over earnings appears to be continuing. Samsung Electronics also climbed to 197,800 won on the day, setting an all-time record high.
Korea's securities industry is raising its expectations for SK hynix. SK Securities raised its target price for SK hynix to 1.6 million won from 1.5 million won.
Han Dong-hee of SK Securities said, "A revaluation of Korean memory is necessary," and noted, "Long-term supply contracts to be specified in the first half will likely lift earnings expectations, and if depository receipts (ADR) issuance becomes visible, SK hynix's undervaluation will stand out even more."