Gotrade News - SK Hynix (SKHY) fell 2.97% in early Seoul trading on Monday, October 12, dragging the Kospi lower, as traders braced for more Bank of Korea rate hikes, India's rupee hovered near a record low, and Indian IPO fundraising hit a record despite heavy foreign selling.
Per TradingKey, the Kospi fell 1.35% to 6,536.77 in early trade while Japan's markets were closed for a public holiday. For US investors, these moves bear on funds that track the two markets, such as the iShares MSCI South Korea ETF (EWY), iShares MSCI Japan ETF (EWJ), and the iShares MSCI India ETF (INDA).
SKHY, EWY and INDA Market Data
Ticker | Close | Daily change |
|---|
SKHY | $169.03 | -0.86% |
EWY | $177.24 | +0.54% |
INDA | $46.03 | +1.03% |
Regular-session close on October 9, 2026, New York time. Prices and changes: Yahoo Finance, cross-checked against Nasdaq's official close.
Why Did SK Hynix Fall on October 12?
According to TradingKey, SK Hynix dropped to 1.631 million won and Samsung Electronics slipped 1.34% to 258,500 won as investors reassessed the growth prospects of the memory chip industry. The same report said the Korean market has fallen about 22% cumulatively in the second half of the year after an AI-driven first half.
TradingKey also pointed to foreign capital outflows ranking among Asia's highest, daily turnover down about 70% from May peaks, and profit-taking on high-leverage summer trades.
Because Samsung Electronics and SK Hynix carry so much weight in the index, doubts over whether the memory chip boom can last tend to amplify swings in the Kospi.
Will the Bank of Korea Raise Rates Again?
As reported by The Edge Malaysia, South Korea's three-year bond yield jumped 11 basis points to 4.11% on September 28 when markets reopened after a holiday, the highest level since November 2022.
The Bank of Korea has already delivered back-to-back rate hikes and is expected to likely raise rates again in November if the Federal Reserve hikes in October, the report said.
The selloff followed a global bond rout driven by elevated oil prices tied to the Middle East conflict, with US Treasury yields climbing to their highest level in more than two decades during the Asian holiday closure. Kang Seungwon of NH Investment and Securities summed up the mood:
"Korean yields surging shows this isn't just a US issue, and the market grows concerned the Bank of Korea will deliver more hikes."
How Far Is the Rupee From Its Record Low?
Per Business Today, the rupee traded around 96.68 to 97 per dollar on October 8, close to its record low of 96.97 set in May 2026, after losing more than 7% this year.
The Reserve Bank of India has sold dollars in the spot market, used sell/buy swaps in the forward market, and delivered its first rate hike in nearly four years.
Those defenses have come at a cost: India's foreign exchange reserves fell $51 billion in four weeks, from a $785 billion peak to $734 billion as of October 2, according to Business Today.
The report cited elevated crude prices, rising global bond yields and about $30 billion of foreign selling in Indian equities in 2026, while RBI Governor Sanjay Malhotra said the currency "may be undervalued."
How Big Is India's 2026 IPO Boom?
Indian companies raised a record $12.5 billion through initial public offerings from January to September, the highest for the period since records began in 1980, according to LSEG data reported by Telangana Today.
Domestic liquidity supported the market even as foreign portfolio investors sold Indian equities. The LSEG figures, as reported by Telangana Today, compare as follows:
Metric (January to September) | 2026 | A year earlier |
|---|
IPO proceeds | $12.5 billion (up 11.3%) | Not stated |
Number of IPOs | 220 | 268 |
Average issue size | About $57 million | About $42 million |
September alone saw 34 mainboard IPOs raise Rs 39,380 crore, per the same report, though the average listing premium cooled to 15.1% from 24.4% in August.
This article is for education and information only and is not investment advice. Investment decisions are yours to make after your own research.
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