SK hynix (000660.KS) has overtaken Samsung Electronics (005930.KS) to become the largest stock by market capitalization on Korea's stock market, marking the first change at the top in 25 years and seven months. The KOSPI rose above the 9,100 mark, setting a fresh record high on a closing basis.
SK hynix closed at 2.919 million won, up 155,000 won, or 5.61%, from the previous trading day, according to the Korea Exchange (KRX) on Wednesday. Samsung Electronics, by contrast, finished at 353,500 won, down 500 won, or 0.14%, from the prior session.
SK hynix's market capitalization swelled to 2,080.3782 trillion won, surpassing the value of Samsung Electronics' common shares (2,066.6595 trillion won) to become the country's top stock. SK hynix has risen for eight consecutive trading days since November 11 (2.101 million won). So far this year, SK hynix has surged 348.39%, while Samsung Electronics' shares have gained 194.83%. However, when the market capitalization of Samsung Electronics' preferred shares (180 trillion won) is taken into account, Samsung Electronics still ranks ahead of SK hynix. Samsung Electronics first reached the top of the stock market by market capitalization on July 29, 1999, and had not relinquished the No. 1 spot even once since November 21, 2000.
The KOSPI closed at 9,114.55 on Wednesday, up 62.13 points, or 0.69%, from the previous trading day. It was the first time the index closed above the 9,100 level.
