Good timing on getting the ADRs floated on Friday.
From The Korea Economic Daily via Bloomingbit, July 13:
South Korea’s Kospi slumped nearly 9% on July 13, dropping back into the 6,000 range. Concerns that the semiconductor cycle has peaked combined with escalating US-Iran tensions to trigger a Black Monday-style selloff. SK Hynix, which recently listed American depositary receipts on the Nasdaq, plunged more than 15%.
The Kospi closed down 8.95% at 6,806.93. It was the first finish below 7,000 since May 4, when the index ended at 6,936.99. The benchmark hovered around 7,500 early in the session, but losses deepened from about 9:30 a.m. It fell below 7,000 at 12:04 p.m. and by 1:28 p.m. the decline had widened into the 8% range, triggering a circuit breaker that halted all trading for 20 minutes. The marketwide trading curb, introduced after the financial crisis, has been activated 13 times in total, seven of them this year.
A rout in Samsung Electronics and SK Hynix, the two stocks that had led gains on the main board, spread across the broader market. Samsung Electronics sank 10.70% to 254,500 won, while SK Hynix tumbled 15.37% to 1.845 million won. That was SK Hynix’s biggest one-day drop on record, surpassing its 14.93% decline during the 2008 financial crisis. SK Hynix listed its ADRs on Nasdaq on July 10, and the securities jumped 12.76% on their debut. Its Seoul-listed shares, however, slumped sharply...
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