SK Hynix ADRs rebound sharply from a 52-week low as HSBC maintains its bullish stance on the stock amid broader market calm.
SK Hynix shares surged 8% to $164 in midday trading, recovering from a 52-week low of $145.57 earlier in the week. The rebound follows HSBC’s decision to reaffirm SKHY as its top pick in the semiconductor sector, driving stock-specific buying activity.
The rally contrasts with the broader semiconductor market, where the SOXX ETF remains nearly flat. The move was amplified by short-covering and gamma buying during the first U.S. options expiration of the month, while peer stocks showed little reaction.
Earlier losses were triggered by South Korea’s surprise 25-basis-point rate hike, which sparked a broader equity selloff and reduced speculative demand for SK Hynix’s ADRs. The stock’s volatility follows its recent Nasdaq debut, marking one of its most turbulent stretches since listing.