#SK海力士财报不佳盘后下跌 South Korean stocks plunge by more than 5%, triggering a circuit breaker; SK hynix plunges by more than 9%, and its market cap falls below 10 trillion won

Around 10:00 on July 29 Beijing time, the Korea Composite Index drops by more than 5%, slipping below 5,700 points for the first time since April 7. The South Korean exchange launches the SIDECAR mechanism and suspends KOSPI algorithmic sell orders. In individual stocks, SK hynix falls by more than 9%, down about 53% from its June historical high. Total market cap falls below 10 trillion won, while Samsung Electronics drops by more than 3%.

On the news front, SK hynix’s latest performance misses expectations. On July 29, storage-chip giant SK hynix releases its second-quarter results. The earnings report shows operating profit jumps 557% year over year in the second quarter, reaching 60.5 trillion won (about RMB 281.6 billion). Revenue rises 257% year over year to 79.3 trillion won, while net profit is 93.9 trillion won, up 1,242% year over year. However, all of the above figures are below market expectations. Previously, analysts broadly expected operating profit of about 64.2 trillion won and revenue of about 83.9 trillion won. Although both indicators hit quarterly highs, they still fail to meet the market’s higher expectations. $SKHY ‌