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South Korea is considering using its foreign exchange fund to purchase the US dollar proceeds from SK Hynix's ADR issuance.

1 hours ago

South Korea's Economic Daily, citing investment banking sources, reported that the country's foreign exchange regulatory authorities are discussing using the Foreign Exchange Stabilization Fund to purchase U.S. dollars raised through SK Hynix's ADR issuance, to curb potential sharp fluctuations in the USD/KRW exchange rate.

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South Korean Analyst: SK Hynix Pullback May Present a Buying Opportunity

Young-gun Kim, an analyst at South Korea’s Mirae Asset Securities, said in a report that SK Hynix’s recent pullback presents a highly attractive opportunity to increase exposure to the stock. The analyst noted that the current weakness appears to reflect an unusually sharp cooling of optimism surrounding the company’s second-quarter results and its American Depositary Receipt (ADR) listing. Mirae Asset Securities cut its second-quarter operating profit forecast by 12%, but maintained its buy rating and 4.2 million won target price for the stock. The analyst added that despite the stock’s pullback, spot prices for memory chips continue to strengthen, and growth in backlog orders is unlikely to slow meaningfully.

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A crypto whale withdrew 30,000 ETH and transferred it to three new addresses.

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Bank of Korea delivers its first interest rate hike in three and a half years, in line with expectations.

The Bank of Korea raised its key interest rate by 25 basis points to 2.75%, marking its first rate hike since January 2023 and meeting market expectations.

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A mysterious whale is going long on $AKE on @Aster_DEX.

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