SK Hynix ADR Falls 9.3% in US, Closing Just Above Offering Price

SK Hynix Inc.'s American depositary receipts fell more than 9% on July 13, their second day of regular trading in the US.

The ADR closed at $152.35 in New York, down 9.32% from the previous session. That gave back much of the 13.1% gain from its July 10 debut, though it remained slightly above the $149 offering price.

The decline came as SK Hynix's Seoul-listed shares tumbled in South Korea. The stock closed at 1.845 million won on July 13, down 15.37% from the previous trading day.

The sharp drop reflects valuation pressure across the memory-chip sector and a reset in expectations after a rally driven by the artificial intelligence boom.

Other memory companies also fell, with Micron Technology down 4.4% and Western Digital off 4.6%.

"SK Hynix is experiencing the aftereffects of a period when the dopamine effect from its sharp rise has faded and expectations are being brutally reset," Hebe Chen, a market analyst at global brokerage Vantage Global Prime, said.

Kim So-yeon, Hankyung.com reporter, sue123@hankyung.com