SK Inc. (034730.KS) is climbing 4% in pre-market trading. The move contrasts with most top KOSPI stocks by market capitalization, led by Samsung Electronics (005930.KS) and SK hynix (000660.KS), which are trading flat. Analysts interpret the gain as a continued benefit to SK Inc. from the recent surge in the value of its stakes in SK hynix and SK Square.
According to Nextrade, SK Inc. shares were trading at 898,000 won as of 8:38 a.m. Friday, up 40,000 won, or 4.66%, from the previous trading day. The stock rose more than 5% during the session, touching 920,000 won. The movement runs counter to many top KOSPI stocks by market capitalization, including Samsung Electronics (-0.28%) and SK hynix (-0.65%), which are trading flat.
The rise in SK Inc.'s share price is interpreted as reflecting the value of its stakes in SK hynix and SK Square. SK hynix surged 13.06% in the previous regular session, driven by expectations for a U.S. ADR listing and the impact of an "earnings surprise" from memory chipmaker Micron. SK Square, which holds a 20.5% stake in SK hynix, also rose 5.56% from the previous trading day. However, both SK hynix and SK Square had risen sharply recently, so a wait-and-see mood appeared to prevail in the pre-market session.
Meanwhile, with U.S. markets closing mixed, domestic markets also opened broadly flat. The pre-market session opened down 0.91% from the previous trading day and moved without major fluctuations throughout. As of Thursday, U.S. markets showed limited upside potential, as Micron's earnings surprise was offset by a more than 6% drop in Apple following its product price increases.
