SEOUL, August 3, 2026, 07:05 KST
- Seoul stocks ended the session at 1.718 million won, rising 29.95%. However, they fell 2.3% over the course of the week.
- Shares of Nasdaq ADRs NASDAQ:SKHY declined 3.54%. The initial premium to Seoul-listed shares decreased to roughly 20.7%.
- Seoul’s standard trading session begins at 09:00 KST. Advanced Micro Devices NASDAQ:AMD is set to report on Tuesday after the U.S. market close.
SK hynix Inc. starts Monday amid a notable divergence across markets. Shares in Seoul surged 29.95% on Friday, while its Nasdaq ADR declined 3.54%.
The Seoul market’s standard session ended at 07:05 KST. Trading resumes at 09:00. The key focus on Monday is if the two listings align.
The division reduced the estimated ADR premium to 20.7% from 60.5%. The figure is based on same-calendar-day closes and won-dollar exchange rates. The estimate is initial.
| Same-day close | Seoul common | USD/KRW | ADR close | Implied parity per ADR | ADR premium |
|---|---|---|---|---|---|
| July 30 | ₩1,322,000 | 1,423.73 | $149.00 | $92.85 | 60.5% |
| July 31 | ₩1,718,000 | 1,442.93 | $143.73 | $119.06 | 20.7% |
The parity calculation allocates one ordinary share across 10 ADRs and then translates this value into U.S. dollars. A key constraint continues to be the discrepancy between trading hours in Seoul and New York.
The rally on Friday was not enough to recover the week’s losses. The common shares ended the week 2.3% lower than their July 24 close.
| Session | Close | Daily move |
|---|---|---|
| July 27 | ₩1,816,000 | +3.24% |
| July 28 | ₩1,550,000 | -14.65% |
| July 29 | ₩1,401,000 | -9.61% |
| July 30 | ₩1,322,000 | -5.64% |
| July 31 | ₩1,718,000 | +29.95% |
| Week compared to July 24 | ₩1,718,000 | -2.3% |
The performance over five sessions highlights how Friday’s percentage rise may not tell the full story. It recovered losses from three sharp drops, instead of adding to the week’s overall gains.
The recovery was widespread. The Kospi climbed 17.9%, marking its biggest single-day increase on record. Samsung Electronics KRX:005930 surged 26.81%.
The fundamentals showed less volatility compared to the market moves. Early results for second-quarter revenue stood at 79.3 trillion won, while operating profit amounted to 60.5 trillion won.
| Metric | Q2 preliminary | Q1 2026 | Sequential change | LSEG estimate | Surprise |
|---|---|---|---|---|---|
| Revenue | ₩79.32tn | ₩52.58tn | up 51% | ₩84.00tn | down 5.6% |
| Operating profit | ₩60.54tn | ₩37.61tn | up 61% | ₩64.00tn | down 5.4% |
| Operating margin | 76% | 72% | rise of 4 percentage points | — | — |
| Net income | ₩93.92tn | ₩40.35tn | up 133% | — | — |
Both top-line results fell short of analyst expectations by about 5.5%. Revenue recognition was postponed to later quarters due to delayed HBM4 deliveries. SK hynix noted that the figures are still pending audit.
Net income was 93.9 trillion won. Investment returns added 63.3 trillion won. Cash holdings amounted to 88 trillion won, while net cash totaled 69.4 trillion won.
Guidance on demand remained unchanged. President Song Hyun-jong stated, “Major customers are still requesting more memory supply.” Nearly 10 long-duration contracts, generally lasting five years, have been signed. Reuters
The agreements increase visibility for volumes but could restrict short-term price increases. SK hynix expects capital expenditure to be in the high-40-trillion-won range, up from 30.2 trillion won the prior year.
| Listing or peer | Friday close | Friday move | Quoted P/E |
|---|---|---|---|
| SK hynix common KRX:000660 | ₩1,718,000 | +29.95% | 16.26 |
| SK hynix ADR NASDAQ:SKHY | $143.73 | -3.54% | 19.57 |
| Samsung Electronics KRX:005930 | ₩262,500 | +26.81% | 21.03 |
| Micron Technology NASDAQ:MU | $823.03 | -5.90% | 18.63 |
Among this group, the Seoul listing has the lowest quoted P/E. The ADR is priced more similarly to Micron, a variance that mainly stems from listing mechanics rather than from differences in underlying operations.
Markets face two fresh tests in the coming week. On Monday, CSOP will launch its flexible leverage structure for products tied to SK hynix. On Tuesday, AMD is set to report, providing an updated perspective on AI accelerator investment.
Risks: Pricing could come under pressure from HBM4 delays, reduced AI expenditure, added supply, and progress by Chinese chipmakers. Movements not tied to earnings may be magnified by leveraged investors and the outstanding ADR premium.
Friday’s session reinstated price levels, but left uncertainty intact. A slimmer ADR premium has the potential to underpin Seoul stocks in the absence of new earnings updates. Should the spread widen again, the recovery may come under threat.
Related articles: NASDAQ:SKHY
