Samsung Elec, SK Hynix touch 52-wk low amid jitters over chip outlook

2019.01.03 15:47:23 | 2019.01.03 15:47:56

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Shares of Korean chipmakers Samsung Electronics Co. and SK Hynix Inc. flirted around their 52-week lows on Thursday amid jitters about their performance in the fourth quarter and beyond.

Samsung Electronics shares on Thursday briefly touched intraday 52-week low of 37,450 won ($33.17) and finished the day at 37,600 won, down 2.97 percent from the previous session. SK Hynix also tasted intraday 52-week low of 57,500 won and ended 4.79 percent lower at 57,700 won on the same day.

Investors’ concerns about the chip outlook were heightened upon news that Samsung Electronics, the dominant memory chip supplier, was beginning to control supplies starting with shortened inventory cycle.

Financial institutions also have revised down their earnings outlook and stock price target for the two makers.

Mirae Asset Daewoo lowered Samsung Electronics’ stock price target from 63,000 won to 50,800 won. SK Securities also revised down the price target for Samsung Electronics shares from 60,000 won to 46,000 won and SK Hynix’s from 95,000 won to 84,000 won.

By Chung Hee-young and Lee Ha-yeon

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