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Biz News Korea(Eng)
SK Hynix spike amid rebound in DRAM prices and market outlook
- Collected
- 2016.09.24
- Distributed
- 2016.09.26
- Source
- Go Direct
In Seoul trading on Friday, SK Hynix shares hit an intraday high of 39,650 won, before closing at 39,450 won, up 50 won or 0.13 percent from the previous session. Its share price has jumped 38 percent since it fell to a three-year low of 25,000 won in the middle of May this year.
The bull run was fed by insatiable appetite from foreigners and institutional investors. Offshore investors net purchased more than 26.8 million shares worth 890 billion won ($807 million) and institutional investors net bought about 10 million shares worth 329 billion won from June to September 22.
The world’s second largest memory chipmaker is expected to benefit from the turnaround in its mainstay product. The selling price of dynamic random access memory (DRAM) has been rebounding as demand outstripped supply. “Demand for mobile DRAM is rising with the launch of Apple’s iPhone 7 and the aggressive push by Chinese smartphone makers, while supply is shrinking due to the chipmakers’ avoidance of excessive investment,” said Lee Se-chul from NH Investment & Securities Co.
Market estimation for the company’s operating profit in the third quarter has been revised up from around 550 billion won to 700 billion won. SK Hynix commanded 27.3 percent in the global DRAM market as of the first half of this year.
By Lee Yong-gun
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]