SK Hynix Leads Korean Pop

Dow Jones07-31 17:49

SK Hynix shares leaped 30% on Friday, by far their biggest daily rise since the South Korean memory-chip manufacturer and AI darling went public in the 1990s.

Not far behind was fellow chip producer Samsung Electronics, which rose 27%. The two stocks helped propel the country's Kospi up almost 18%.

News that hedge fund Situational Awareness has offloaded troubled AI-related investments to Citadel is contributing to Friday's blockbuster gains in tech stocks, hedge-fund managers said.

Hynix tumbled earlier this week when it reported a mere $64 billion in quarterly profit. That was 13 times the figure a year ago and exceeded the company's combined net profit for the past five years, but investors wanted more. The shares remain more than 40% down from their record high from just over a month ago.

Analysts at JPMorgan say the Korean market "has undergone an intense period of de-leveraging since mid-June." In other words, the amount of debt fueling bets has shrunk dramatically.

Retail traders have fully unwound their indebted positions and hedge funds are most of the way there, the analysts wrote in a note published Wednesday, citing data from JPMorgan's prime brokerage, which lends to hedge funds. Their conclusion: the Korean market is starting to look attractive again.

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The two stocks helped propel the country's Kospi up almost 18%. \n</p>\n<p>\n     News that hedge fund Situational Awareness has offloaded troubled AI-related investments to Citadel is contributing to Friday's blockbuster gains in tech stocks, hedge-fund managers said. \n</p>\n<p>\n     Hynix tumbled earlier this week when it reported a mere $64 billion in quarterly profit. That was 13 times the figure a year ago and exceeded the company's combined net profit for the past five years, but investors wanted more. The shares remain more than 40% down from their record high from just over a month ago. \n</p>\n<p>\n     Analysts at JPMorgan say the Korean market \"has undergone an intense period of de-leveraging since mid-June.\" In other words, the amount of debt fueling bets has shrunk dramatically. \n</p>\n<p>\n     Retail traders have fully unwound their indebted positions and hedge funds are most of the way there, the analysts wrote in a note published Wednesday, citing data from JPMorgan's prime brokerage, which lends to hedge funds. 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