SK Group Chairman Says SK Hynix Shares Will Trend Higher on Memory Chip Demand

SK Group Chairman Chey Tae-won said SK Hynix shares will remain on a long-term upward trend, supported by demand for memory chips. According to Odaily, he made the remarks at a forum hosted by the Korea Chamber of Commerce and Industry on Friday. Chey said demand for memory chips is growing exponentially, which is why SK Hynix and Samsung Electronics shares have risen rapidly since last year. Asked about recent share-price declines, he said stock prices usually rise on market expectations and then pull back after an excessive rally. He added that memory chip demand will continue and that share prices will move higher over time. On Thursday, SK Hynix and Samsung shares fell 12% and 8.8%, respectively, after South Korean authorities moved to restrict leveraged funds tracking chipmakers.