In South Korea, where SK Hynix’s stock also trades, shares fell 15% and suffered their worst day on record as technology stocks around the world resume their selloff.
South Korea’s main stock index, the Kospi, fell 9% on July 13 to close at 8,806.93, as the U.S. and Iran resume fighting against each other, sending crude oil prices higher.
SK Hynix’s stock had a strong debut on the Nasdaq exchange on July 10. Shares rose 14% immediately after they began trading in America.
SK Hynix’s stock is trading under the ticker symbol “SKHY” on the Nasdaq. The company raised $26.5 billion U.S. from the American share sale.
The U.S. IPO of SK Hynix was the second-largest U.S. share sale on record after SpaceX’s (SPCX) IPO in June that raised $85.7 billion U.S.
SK Hynix turned to the U.S. capital markets as it looks to fund its growth amid surging demand for the memory chips that it makes.
However, shares of SK Hynix and other memory chip companies, such as Micron Technology (MU), have turned volatile following big gains in this year’s first half.
In Korea, SK Hynix’s stock has risen sevenfold in the last 12 months.
Elsewhere in Asia, stock markets fell on July 13, with Japan’s Nikkei 225 index dropping 2% to close at 67,242.73.
Oil prices are up more than 3% on the day, with Brent crude trading at $78.56 U.S. per barrel.
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