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SK hynix soars on main bourse throughout 2016

All Headlines 09:40 January 01, 2017

SEOUL, Jan. 1 (Yonhap) --- South Korea's chipmaker SK hynix Inc. emerged to become the No. 2 player on the main bourse throughout 2016, data showed Sunday, with market behemoth Samsung Electronics Co. maintaining its dominant lead.

According to the data compiled by bourse operator Korea Exchange (KRX), the country's top automaker Hyundai Motor Co. slipped a notch over last year to become the third listed firm in terms of market capitalization.

The six-notch jump of SK hynix came amid favorable chip market conditions at home and abroad.

The changes among the giants led to the overall reshuffle of standings of major listed firms, market watchers said.

Cosmetics maker AmorePacific and LG Chem Ltd. were pushed out of the top 10 after South Korea faced a diplomatic conflict with China, the country's top trading partner, over the deployment of an advanced U.S. missile defense system here.

As the number of Chinese tourists fell, AmorePacific saw its sales of cosmetics at duty-free shops lose ground. LG Chem is also presumed to have failed to win a critical battery certification from China due to the diplomatic tension.

Samsung C&T Corp., which once emerged to become the fourth-ranked player, fell four notches after the firm became embroiled in allegations related to South Korea's state pension. Suspicions arose that the pension fund, a major shareholder in Samsung C&T, approved its merger deal back in 2015 after being nudged by President Park Geun-hye's confidante. The alleged influence-peddling and corruption scandal has been rocking the country since late October and has led to the impeachment of the country's chief executive.

South Korea's top portal operator Naver Corp. and No. 1 steelmaker POSCO, ranked at 7th and 10th, respectively, were two new firms that made the top 10 list in 2016.

The logo of SK hynix Inc. (Yonhap)

colin@yna.co.kr
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