SK Hynix jumps on BlackRock’s 5% stake disclosure, lifts Kospi above 5,800

SK Hynix Inc., the second-largest company by market value on South Korea’s main exchange, surged Friday after BlackRock Inc., the world’s largest asset manager, disclosed a 5% stake in the chipmaker, helping lift the Kospi index above 5,800 for the first time.

SK Hynix rose 6.2% to 949,000 won ($656.29), surpassing its previous intraday high of 931,000 won set on Jan. 30.

The gain followed a regulatory filing showing that BlackRock holds 36,407,157 shares, equivalent to a 5% stake, in the company.

Samsung Electro-Mechanics Co., which also disclosed a 5% BlackRock stake, advanced 5.3%.

KOSPI ENDS ABOVE 5,800

As SK Hynix, with the second-largest market capitalization, rallied, the benchmark Kospi index climbed 2.3% to close at 5,808.53.

Samsung Electronics Co., the market’s largest component and bellwether stock, edged up 0.1% to 190,100 won.

The index opened 0.4% higher at 5,696.89 and extended gains throughout the session. It now stands within about 3.3% of the 6,000 level.

(Courtesy of Yonhap)

Institutional investors were net buyers of 1.61 trillion won, offsetting net sales of 986.1 billion won by retail investors and 743.0 billion won by foreign investors, according to data from the Korea Exchange.

The country’s junior Kosdaq index fell 0.6% to 1,154.00.

KEY EXPORT SECTORS DRAW INFLOWS

Analysts attributed the rally to sustained inflows into large-cap stocks and resilience across key export sectors, including chipmakers and defense firms.

Defense shares advanced as geopolitical tensions heightened on reports that the US may consider military options in response to stalled nuclear talks with Iran.

Hanwha Aerospace Co. rose 8.1%, Hanwha Systems Co. gained 9.5%, and Hyundai Rotem Co. added 4.8%.

Large passive fund inflows into the domestic market have continued, said Lee Kyung-min, an analyst at Daishin Securities Co.

“The Kospi was able to withstand global market uncertainty on the back of strong industrial competitiveness,” he said.

Other major Asian equity markets declined on the day, contrasting with the Kospi’s advance. 

US stocks also fell overnight, as President Donald Trump warned Iran of possible military action and private-equity firm Blue Owl Capital suspended investor redemptions in certain funds, fanning concerns about credit conditions.

Blue Owl has been a major backer of artificial intelligence infrastructure, investing heavily in data center construction.

Jennifer Nicholson-Breen edited this article.

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