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SK Hynix Falls as Multiple Brokers Cut 2Q Profit Forecasts on July 14, Triggers $1.9B Retail Selloff

GateNews
Stocks
According to reports published on July 14, South Korean brokers including Mirae Asset Securities, Hyundai Securities, and Korea Investment & Securities downgraded SK Hynix's second-quarter operating profit estimates. Mirae Asset cut its forecast by approximately 12% to 62.3 trillion won from 70.7 trillion won, while Korea Investment & Securities estimated 2Q operating profit at 60.4 trillion won, about 8% below market consensus. The downgrades triggered a sharp selloff by retail investors, who net-sold 2.544 trillion won worth of SK Hynix shares in a single day. The stock fell as low as 1.757 million won intraday (down 4.74%) before recovering to close at 1.913 million won (up 3.69%). The shift contrasts sharply with bullish analyst calls from the prior week, which projected target prices as high as 4 million won.
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