Korean-listed companies see both wins and losses

2024.03.21 10:16:44

[Courtesy of Samhyun Co.]이미지 확대

[Courtesy of Samhyun Co.]

Shares of auto parts manufacturer Samhyun Co. traded at double their initial public offering (IPO) price on its Thursday debut on the KOSDAQ.

Samhyun was trading at 57,000 won ($43) per share at 10:04 a.m. on March 21st, 2024, or an 88 percent increase from its IPO price. As an auto parts manufacturer specializing in motion control systems with advanced design technology, Samhyun‘s offering price was set at 30,000 won per share.

Samsung Electronics Co. and SK hynix Inc. also rallied in early trading after Micron Technology Inc. released stronger-than-expected earnings during the December 2023 to February 2024 period.

SK hynix was trading at 166,800 won per share as of 10:03 a.m., a 5.30 percent increase from the previous trading day. Samsung Electronics, which surged 5 percent on Wednesday, also saw an additional 1.17 percent rise to 77,800 won per share. U.S. memory chipmaker Micron Technology disclosed revenue of $5.82 billion and earnings per share of $0.42 for the three fiscal months in an earlier announcement.

In contrast, shares of CJ Logistics Corp declined sharply in early Thursday trading following market speculation that it might fail to renew its contract with Chinese e-commerce giant AliExpress.

CJ Logistics was trading at 116,800 won per share as of 10:03 a.m., or a 9 percent decrease from the previous trading day.

The slump came after media reports suggested that AliExpress opted not to renew its courier contract with CJ Logistics and sent requests for competitive bids to other major South Korean logistics firms instead.

By Pulse

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