SEOUL, KOREA - SK Hynix has become a darling of foreign investors. The share price of SK Hynix jumped as the company is expected to deliver an earnings surprise for the second quarter of this year and is likely to continue to show improvements in profits in the latter half of this year.
On June 18, the share price of SK Hynix closed at 31,750 won, up 1,300 won or 4.27 percent from a day ago. Although it slipped slightly from 32,950 won recorded in the mid-day of June 11, the share price remains at the highest level in two years.
Key factors behind the jump in the share price of SK Hynix included bullish net buying by foreign investors. In June alone, foreign investors net-bought 230 billion won shares of SK Hynix.
Another factor is a positive outlook for the performance of the company. Unlike other major listed companies whose profit estimates were revised downward, the estimates on the second quarter operating profits for SK Hynix were revised upward from 747.4 billion won in late May to 779.1 billion won.
