[Edaily Reporter PARK MIN ] SK Hynix ( SK hynix(000660)), the second-largest company by market capitalization on the KOSPI, hit its daily price limit during trading on the 31st.

According to MP Doctor, as of 2:20 p.m. that day, SK hynix was trading at the daily price limit of 1,718,000 won, up 29.95% from the previous day’s closing price.

This marks the first time SK hynix has hit the daily price limit—based on closing prices—since April 14, 2003, when it recorded a 15% limit up following a stock split. Due to the sharp rise in the stock price, its market capitalization jumped from 965 trillion won the previous day to the 1,244 trillion won range in just one day.

Today’s surge is attributed to the recent stock price correction having been excessive, combined with the impact of semiconductor stocks rising across the board on the New York Stock Exchange overnight. On the 30th (local time), the Philadelphia Semiconductor Index rose 8.19% on the New York Stock Exchange.

In addition, SK hynix’s American Depositary Receipts (ADRs), listed in the U.S., surged 17.52%, recovering to their initial public offering price of $149. Analysts also note that the announcement the previous day (the 30th, Korea time) that SK Group Chairman Choi Tae-won had purchased 3,620 shares of SK hynix (worth 4.8 billion won) on the open market served as a trigger for the stock’s rebound.