KOSPI closes above 5,550 after intraday plunge; SK hynix shelves Solidigm IPO
Korean stocks swung sharply before the KOSPI closed above 5,550, while the Bank of Korea chief signaled a hawkish stance. SK hynix halted its review of a US IPO for subsidiary Solidigm, and Netflix data underscored how deeply Korean content has spread worldwide.
Markets & chips
KOSPI
Seoul's main index moved through a wide range during the session, with profit-taking and tech selling giving way to bargain hunting by the close.
The KOSPI closed back above 5,550 after falling sharply during the session.
The KOSPI's rising global profile has drawn more attention from foreign media, The Korea Herald reported.
Korean markets & the won
The Korea Herald reported that Seoul stocks finished a touch higher as investors hunted for bargains.
Bank of Korea
The Bank of Korea governor signaled a hawkish stance as the outlook points to higher growth and rates, The Korea Times reported.
SK hynix
The decision removes, for now, a major US listing that had been planned for the chipmaker's NAND subsidiary.
SK hynix stopped its review of a US initial public offering for Solidigm, The Korea Herald reported.
The Korea Herald examined the reasons behind SK hynix setting aside the $150b US IPO plan for Solidigm.
SK hynix shares held up against a broader AI-related sell-off after the company scrapped its review of the Solidigm IPO, The Korea Times reported.
Business of culture
K-pop agencies
Major K-pop agencies did not take part in the Grammys' newly added Asian pop category, The Korea Herald reported.
Netflix in Korea
The figures mark a decade of Netflix's Korean originals business and its reach across its global subscriber base.
More than 80 production houses and 95,000 people in Korea have been involved in Netflix content over the past 10 years, The Korea Times reported.
About 80% of Netflix subscribers worldwide have watched Korean content, The Korea Herald reported.