SK hynix bucks AI sell-off after scrapping Solidigm IPO review

SK hynix defied a market-wide decline in AI-related stocks on Friday, contributing to a resurgence in the KOSPI index after the company announced it had halted its review of a potential U.S. listing for its NAND flash memory subsidiary, Solidigm. SK hynix's shares closed at 1,277,000 won, up 4.42 percent, while Samsung Electronics gained 0.47 percent to 215,500 won.

The KOSPI faced a setback following a sharp fall in AI-related stocks on Wall Street overnight, with the Philadelphia Semiconductor Index dropping 6.72 percent, led by Nvidia, Micron, SanDisk, and Intel among others. Korea's benchmark index experienced a significant decline of over 4 percent in early trading, briefly touching the 5,300 level before recovering and ending the session at 5,550.30, up 0.3 percent.

Retail and institutional investors' net buying, totaling 52 billion won and 872 billion won respectively, helped counterbalance the selling pressure from foreign investors, who offloaded nearly 1 trillion won worth of shares on a net basis.