SK Hynix has once again set a new record, surpassing the 2.9 million won mark during trading. Investor sentiment improved following news of progress in negotiations between the U.S. and Iran, along with a series of upward revisions in target prices by securities firms, which contributed to the stock's rise.
According to the Korea Exchange, as of 10:43 a.m. on June 22, SK Hynix shares were trading at 2,931,000 won, up 167,000 won (6.04%) from the previous trading day. The stock opened at 2,749,000 won and later peaked at 2,945,000 won during the session.
The surge in SK Hynix's stock price is attributed to improved investor sentiment stemming from advancements in U.S.-Iran negotiations.
Esmaeil Baghaei, a spokesperson, stated on June 21 (local time) to Iranian state television, "We have agreed with the U.S. to establish a mechanism for the safe passage of vessels through the Strait of Hormuz, which is a significant matter." He also mentioned discussions regarding permits for Iran's oil exports and the release of frozen funds, noting that considerable progress has been made on these critical issues.
With the stock's rapid ascent, SK Hynix's market capitalization has once again exceeded 2,000 trillion won.
Positive forecasts from the securities industry are also bolstering investor confidence. Hanwha Investment & Securities maintained a 'Buy' rating on SK Hynix and raised its target price by 164% to 4,300,000 won, the highest among domestic securities firms.
Park Jun-young, a researcher at Hanwha Investment & Securities, remarked, "SK Hynix is transforming into a company capable of generating consistently high profits, no longer exhibiting extreme profit volatility. It should not be undervalued within the global tech sector." He added, "The only weakness, which was the volatility of earnings, is expected to improve significantly, and even if the memory industry faces a downturn, we will not see a drastic decline in operating profit compared to the previous year."
Meanwhile, SK Square, the largest shareholder of SK Hynix, is also experiencing gains. At the same time, SK Square shares were trading at 1,943,000 won, having opened at 1,786,000 won and reaching a high of 1,974,000 won during the session.
* This article has been translated by AI.
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