SEOUL, March 3, 2026, 20:37 (KST) — Market closed.
SK hynix (000660.KS) shares ended about 11.5% lower on Tuesday at 939,000 won, pushing the chipmaker’s stock price back under the 1-million-won level. The previous close was 1,061,000 won, according to Investing.com data. 1
The drop matters because SK hynix has been one of the engines of a record run in South Korean stocks, which last week pushed the Kospi above 6,000 for the first time. That surge was driven by chip-led optimism around artificial intelligence. 2
On Tuesday, the Kospi slid 7.24% to 5,791.9 in its first session after a holiday break, with foreign investors and institutions selling while retail money stepped in. Oil prices held above $80 a barrel as fears grew over disruptions in the Strait of Hormuz, a key shipping route, Aju Press reported. 3
The risk-off mood spilled across markets as energy costs surged and traders weighed the inflation hit. “It feels like the market is interpreting this as much more of an inflationary shock than a growth shock,” said George Moran, European macro strategist at RBC Capital Markets. 4
In Seoul, the slide was steep enough to trigger trading curbs, with circuit breakers and program-trading limits used to cool extreme moves, MarketWatch reported. The won also fell 1.34% on the day as crude climbed on the Iran conflict, the report said. 5
Samsung Electronics, the other heavyweight chip name on the Kospi, finished down 9.88%, adding to the drag on the main index. The slump in chip bellwethers rippled across exporters and other growth stocks. 6
The selloff jars with the macro backdrop at home, where chip demand is still firm. South Korea’s February manufacturing PMI held at 51.1 and output grew at the fastest pace since August 2024, with “firms highlighting strength in the semiconductor market,” said Usamah Bhatti, an economist at S&P Global Market Intelligence. 7
Some strategists had warned the won could be the weak link if oil stayed elevated, even with retail investors quick to buy dips. “A sharp correction is not likely,” Standard Chartered Bank Korea strategist Hong Dong-hee said on Monday. 8
Macquarie’s Daniel Kim and James Hong struck a similar tone in a note, saying the market “is still cheap” even after a long run, and flagged an unusually tight memory-chip supply picture. For SK hynix, that debate — boom conditions versus stretched positioning — now sits right on the tape. 9
But the next few sessions may hinge less on memory prices and more on headlines from the Middle East. The conflict has disrupted shipping in the Strait of Hormuz, a chokepoint for about 20% of global oil supply, and U.S. President Donald Trump has said the military campaign against Iran could run for weeks. 10
For SK hynix shares, traders will watch whether dip-buyers show up after Tuesday’s close and whether foreign selling eases as the won stabilises. Later in the week, attention turns to the U.S. Employment Situation report for February, due on Friday, March 6, a key marker for rate expectations that often drives tech risk appetite. 11
