SEOUL, March 3, 2026, 20:37 (KST) — Market closed.
SK hynix (000660.KS) tumbled roughly 11.5% on Tuesday, closing at 939,000 won and slipping below the 1-million-won mark. Shares previously finished at 1,061,000 won, Investing.com data show. 1
SK hynix’s slide is notable—this stock has been a key force behind South Korea’s market rally, the one that sent the Kospi past 6,000 for the first time just last week. Gains were fueled by AI-linked enthusiasm in chipmakers. 2
Kospi tumbled 7.24% to 5,791.9 on Tuesday, the index’s first trading day after the holiday. Foreign funds and institutional players sold off, but retail buyers took the other side. Oil prices hovered above $80 a barrel amid mounting concerns about possible supply snarls through the Strait of Hormuz, a route crucial for shipping, Aju Press noted. 3
Energy prices shot higher, rattling investors and sparking a broad retreat from risk. Traders are bracing for the inflation fallout, not just a hit to growth, according to George Moran, European macro strategist at RBC Capital Markets: “It feels like the market is interpreting this as much more of an inflationary shock than a growth shock.” 4
Seoul’s drop hit levels that activated circuit breakers and program-trading curbs, according to MarketWatch. The won lost 1.34% for the day, pressured as crude prices surged on the Iran conflict, the report added. 5
Samsung Electronics shed 9.88%, a sharp fall that piled more pressure on the Kospi. That hit reverberated through other top exporters and growth plays, as chip leaders slumped. 6
The selloff stands out against South Korea’s domestic picture, where chip demand remains solid. February’s manufacturing PMI stayed at 51.1, and factory output just posted its quickest increase since August 2024. “Firms highlighting strength in the semiconductor market,” noted Usamah Bhatti, economist at S&P Global Market Intelligence. 7
A few strategists flagged the won as vulnerable if oil kept climbing, despite retail buyers snapping up downturns. “A sharp correction is not likely,” said Standard Chartered Bank Korea’s Hong Dong-hee on Monday. 8
Macquarie analysts Daniel Kim and James Hong echoed the view in a recent note, calling the market “still cheap” despite the extended rally, and highlighting a rare squeeze in memory-chip supply. For SK hynix, the tension between bullish fundamentals and concerns over lofty valuations is front and center. 9
But what comes next for markets could depend more on developments in the Middle East than on memory chip pricing. Shipping snarls in the Strait of Hormuz—a route that handles roughly 20% of the world’s oil—have already begun, and U.S. President Donald Trump warned that the campaign against Iran might drag on for weeks. 10
SK hynix shares could catch a bid if bargain hunters step in after Tuesday’s close, especially if the won finds its footing and foreign outflows lose steam. Then, focus shifts to the U.S. Employment Situation report for February, set for release Friday, March 6—a data point that tends to sway rate bets and, by extension, appetite for tech. 11
