SK hynix Institutional Buying Rebound: Foreign Investors Sold KRW 439 Billion

The SK hynix institutional buying rebound looked similar to Samsung Electronics on the surface, but the underlying investor flows were markedly different.

SK hynix closed the regular KRX session at KRW 1,836,000, up 4.08%. Domestic institutional investors purchased approximately KRW 695.2 billion of shares, while foreign investors sold approximately KRW 439 billion.

The stock advanced, but foreign investors did not return. Domestic institutions absorbed the foreign selling and drove the rebound.

Brokerage NXT market data confirmed that the shares remained above the regular-session close during after-market trading. The exact NXT closing price and volume could not be independently verified through publicly searchable sources, so no unconfirmed figure is published.

SK hynix Institutional Buying Rebound: Trading Snapshot

SK hynix outperformed the KOSPI by 0.52 percentage points.

The market-wide technology rebound provided support, but the largest direct driver was concentrated domestic institutional demand.

Why the Stock Rose Despite KRW 439 Billion of Foreign Selling

The most important feature of the July 21 session was the divergence between domestic institutions and foreign investors.

• Domestic institutions: approximately KRW 695.2 billion of net buying
• Foreign investors: approximately KRW 439 billion of net selling
• Combined flow: approximately KRW 256.2 billion of net buying

Institutional purchases exceeded foreign selling by approximately KRW 256.2 billion.

SK hynix was the largest institutional net-buying position in the Korean market that day.

However, the continued foreign selling remains a material risk. Unlike Samsung Electronics, where both groups were net buyers, the SK hynix rebound depended heavily on domestic institutions absorbing overseas supply.

Demand Appeared Near KRW 1.732 Million

The stock opened at KRW 1,775,000 and fell to KRW 1,732,000 before rallying as high as KRW 1,889,000.

• Close above the intraday low: approximately 6.00%
• Close above the open: approximately 3.44%
• Close below the intraday high: approximately 2.81%
• Closing position within the daily range: approximately 66% from the low

The shares gave back part of the intraday gain but still closed KRW 104,000 above the session low.

This confirms real demand near the low-KRW 1.7 million area. It also confirms immediate supply near KRW 1.889 million.

A Rebound After a Decline of More Than 40%

SK hynix reached an intraday high of KRW 2,987,000 on June 25 and fell to a KRW 1,764,000 close on July 20.

The decline from the peak to the previous close was approximately 40.9%.

Even after the July 21 rebound, the stock remained approximately 38.5% below the June high.

The 4.08% gain should therefore be classified first as an oversold rebound, not as confirmation of a renewed long-term uptrend.

Semiconductor Exports Were Strong, but Foreign Investors Still Sold

South Korean semiconductor exports during the first 20 days of July increased 180.6% year over year to US$22.1 billion.

The export data did not support the argument that memory demand had suddenly collapsed.

Investors also reconsidered whether lower-cost AI models could expand total inference usage and ultimately increase aggregate demand for server memory.

Despite these positive factors, foreign investors sold KRW 439 billion of SK hynix shares.

This indicates that overseas investors may currently be more concerned about valuation, ADR-related price dislocations, AI investment fatigue and extreme short-term volatility than reported export growth.

How to Interpret the NXT Advance

SK hynix traded above its KRX close during the NXT after-market session, supporting the view that demand remained active after the regular market closed.

However, NXT liquidity can differ from KRX liquidity, and an after-market price does not guarantee the next regular-session open.

The NXT signal would become more meaningful if the next KRX session holds KRW 1,836,000 and breaks above KRW 1,889,000.

The Stock Remains Below Every Major Moving Average

The stock has not yet recovered even its five-day moving average.

The first breakout zone is concentrated near KRW 1.887 million to KRW 1.913 million, where the five-day average, the July 21 high and a recent closing price overlap.

The 10-day moving average near KRW 1.993 million also aligns with the psychological KRW 2 million level.

RSI Approached Oversold Territory

A 14-session RSI calculated from the recent KRX closing-price series was approximately 30.9.

An RSI near 30 is commonly associated with oversold conditions, but it does not confirm a bottom.

During strong downtrends, RSI can remain depressed or briefly recover before the next decline.

A breakout above KRW 1.889 million, continued institutional buying and reduced foreign selling would provide stronger confirmation than RSI alone.

Volume Did Not Confirm a Trend Reversal

The recent 20-session average volume was approximately 6.30 million shares.

July 21 volume was approximately 4.59 million shares, about 27% below that average.

The lower volume may indicate that forced selling had eased. It also means the advance lacked the broad participation normally associated with a decisive trend reversal.

A move above KRW 1.9 million and KRW 2 million would be more credible if volume expanded toward or above six million shares.

Record Earnings Expectations Create Their Own Risk

SK hynix reported first-quarter 2026 revenue of KRW 52.5763 trillion and operating profit of KRW 37.6103 trillion.

Market estimates have pointed to second-quarter revenue near KRW 83.4 trillion and operating profit near KRW 64.3 trillion.

The risk is that expectations are already extremely high.

Even record earnings may disappoint investors if they miss consensus estimates, performance-related expenses are larger than expected, or management commentary on HBM4 yield and customer supply schedules is less optimistic than anticipated.

The relevant question is no longer whether earnings are strong, but whether they are strong enough to exceed exceptionally elevated expectations.

Key Support Levels

First Support: KRW 1.800 Million–1.836 Million

KRW 1.8 million is a psychological level and KRW 1.836 million was the July 21 KRX close.

Critical Support: KRW 1.732 Million–1.764 Million

This zone includes the July 21 intraday low and the previous closing price.

It is the main area where institutional demand was directly observed.

Bottoming Thesis Invalidation: Below KRW 1.678 Million

KRW 1.678 million was the July 14 intraday low.

A high-volume close below this level would invalidate the immediate bottoming thesis.

Key Resistance Levels

First Resistance: KRW 1.887 Million–1.913 Million

This zone includes the five-day moving average, the July 21 high and the July 14 close.

Second Resistance: KRW 1.992 Million–2.000 Million

The 10-day moving average and the psychological KRW 2 million level overlap here.

Major Resistance: KRW 2.082 Million–2.180 Million

A recovery into this zone would provide the first meaningful evidence that the medium-term decline is losing momentum.

Three Scenarios

Bull Case

The stock holds KRW 1.836 million and breaks above KRW 1.889 million to KRW 1.913 million on higher volume.

Continued institutional buying and a reduction in foreign selling could allow a retest of KRW 1.992 million to KRW 2 million.

Base Case

The shares remain volatile between KRW 1.732 million and KRW 1.913 million.

Domestic institutional demand repeatedly absorbs foreign selling, producing a wide consolidation range.

This is currently the most plausible short-term scenario.

Bear Case

The shares lose KRW 1.8 million and then close below KRW 1.764 million.

The July 21 KRX and NXT gains would likely be classified as a temporary oversold rebound.

A break below KRW 1.732 million would expose the KRW 1.678 million low.

Related Korean Market Analysis

For a comparison with Samsung Electronics, where foreign and institutional investors were both net buyers, see:

Samsung Electronics July 21 Surge: Foreign and Institutional Buying Analysis

For the market selloff that preceded the semiconductor rebound, see:

KOSPI Holds 6,500 by a Thread: Why the Intraday Rebound Failed

Bottom Line

SK hynix closed 4.08% higher at KRW 1,836,000.

Domestic institutions purchased approximately KRW 695.2 billion of shares and absorbed approximately KRW 439 billion of foreign net selling. The stock recovered roughly 6% from its intraday low.

NXT after-market strength was supportive, but the stock remains below all major short-term moving averages and volume was approximately 27% below the 20-session average.

• First support: KRW 1.800 million–1.836 million
• Critical support: KRW 1.732 million–1.764 million
• Bottoming thesis invalidation: Below KRW 1.678 million
• First breakout: KRW 1.887 million–1.913 million
• Trend improvement confirmation: KRW 2.082 million–2.180 million

A potential bottom appeared near KRW 1.73 million, but foreign investors have not returned. The July 21 rebound was driven by domestic institutions, and confirmation requires a breakout above KRW 1.889 million to KRW 1.913 million alongside reduced foreign selling.

Sources

• Investing.com: SK hynix KRX daily price and volume data
• Yonhap News Agency: July 21 KOSPI close and SK hynix investor flows
• SK hynix Newsroom: Official first-quarter 2026 results
• Yonhap News Agency: Second-quarter market earnings estimates
• IRGO: SK hynix IR schedule and brokerage research list

AI and Investment-Risk Disclosure

This report was prepared with AI assistance using publicly available KRX data, investor-flow information, official company results and market estimates.

The NXT after-market direction was confirmed, but the exact closing price and volume could not be independently verified and are therefore not published.

Moving averages, RSI, average volume and relative performance were independently calculated from the cited KRX daily price series. Indicator values may differ depending on the calculation method and data provider.

Technical analysis and earnings estimates are probabilistic and do not guarantee future prices or reported results.

This material is for informational purposes only and does not constitute a recommendation to buy, sell or hold SK hynix shares or any other financial product.