SK Hynix Breaks $1,300 Defense Line, Slumping 10% to Lead South Korean Stock Market

TradingKey - SK Hynix shares plunged over 10% today, falling below the 2-million-won mark and hitting a new one-month low.

On July 13, Asia time, SK Hynix (000660) shares opened lower and continued to slide, diving around 4% before losses widened to 10%, breaking below the 2-million-won threshold to temporarily trade at 1,953,000 won (equivalent to $1,294), marking its lowest level since June 10.

SK Hynix share price chart, Source: TradingView

Despite SK Hynix's Nasdaq ADR debut surging nearly 13% last Friday, concerns over an AI bubble and overinvestment were reawakened in the local Seoul market on Monday. SK Hynix shares tumbled after the opening bell, with the intraday drop reaching as much as 10.54%, leading a bloodbath across the entire semiconductor and technology sectors.

Dragged down by SK Hynix, the Korea Composite Stock Price Index (KOSPI) fell over 5% intraday, sliding to around 7,000 points; AI memory giant Samsung Electronics also fell over 6%, temporarily trading at 266,500 won.