SK Hynix's Shares Rally, Tracking U.S. Chip Stocks
16 Maio 2023 - 2:20AM
Dow Jones News
By Kwanwoo Jun
SK Hynix's shares climbed at the strongest pace in a month on
Tuesday, tracking a rally overnight in U.S. semiconductor
stocks.
Shares of the South Korean chip maker rose as much as 4.9% to
90,600 won ($67.83) in the morning session, on course for the
sharpest daily percentage gain since April 7 and outperforming the
benchmark Kospi's 0.3% rise.
U.S. chip stocks, including Micron Technology and Western
Digital, jumped 6.11% and 11.26%, respectively, on Wall Street
Monday after a Reuters report that Kioxia Holdings and Western
Digital--the world's second and fourth largest flash-memory chip
makers--were speeding up merger talks.
A Kioxia-Western Digital merger would be positive for investors
and other market players by reducing the number of competing NAND
flash-memory chip makers and consolidating the industry,
Seoul-based Mirae Asset Securities analyst Seo Sang-young said.
SK Hynix, part of the Bain Capital-led investment consortium
that has a combined 49.9% stake in Kioxia, could also gain directly
from the deal, the analyst said.
The South Korean chip maker could get extra funding resources by
disposing of its partial stake or securing a new stake in the
merged entity, the analyst added.
Write to Kwanwoo Jun at kwanwoo.jun@wsj.com
(END) Dow Jones Newswires
May 16, 2023 01:05 ET (05:05 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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