On June 25, iShares MSCI South Korea ETF (EWY) rose 5.67% in pre-market trading, trading at $207.58/share, with turnover of $15.03 million. The surge was driven by multiple catalysts converging on the Korean equity market.
SK Hynix officially submitted its securities registration statement to Korean regulators, initiating a Nasdaq ADR listing process. The company plans to issue 17.79 million new shares as ADRs, targeting approximately $29.6 billion in proceeds — potentially one of the largest equity offerings in history. The ADR is priced at 255,500 Korean won per share, with trading expected to commence on July 10. Proceeds will fund domestic capacity expansion, including a new wafer fab at the Yongin semiconductor cluster and EUV lithography equipment procurement.
Simultaneously, JPMorgan raised its KOSPI index target for the third time in two months, setting a base case of 12,500 and a bull case of 15,000, citing AI demand and a memory chip super cycle. Goldman Sachs and Morgan Stanley also lifted their targets to 12,000 and 10,500, respectively. The Korean KOSPI index closed up 5.43%, briefly reclaiming 9,000 points and triggering a circuit breaker after KOSPI 200 futures surged 5%.
EWY tracks the MSCI Korea 25/50 Index, a free float-adjusted market capitalization-weighted index designed to measure the performance of large- and mid-cap equity segments in Korea, with primary exposure to consumer discretionary, financials, and technology companies.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)
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