Shinhan and Samsung Securities cut SK hynix targets as Seoul shares slide nearly 8%

SK hynix's Seoul shares fell about 8% in morning trading on August 3, to 1,582,000 won, after the KOSPI posted a record one-day gain on July 31. Foreign investors sold a net 1.11 trillion won that session. Shinhan Investment & Securities cut its target price to 2.7 million won from 4.2 million won, and Samsung Securities cut its target to 3.0 million won from 3.5 million won. Samsung's analyst blamed crowded positioning ahead of the memory boom rather than a peak in the cycle.

• Seoul shares: down 7.92% to 1,582,000 won (morning)
• Shinhan target: 4.2M to 2.7M won
• Samsung Securities target: 3.5M to 3.0M won
• Foreign net selling: 1.11T won