Seoul: SK hynix Inc. has surpassed Samsung Electronics Co. in terms of market capitalization for the first time, the bourse operator said Monday. The market capitalization of SK hynix reached 2,091 trillion won (US$1,358 billion) at 12:42 p.m., surpassing Samsung Electronics' 2,090 trillion won, according to the Korea Exchange (KRX).
According to Yonhap News Agency, this marks the first time that Samsung Electronics has relinquished its position at the top of the benchmark Korea Composite Stock Price Index (KOSPI) since it first ranked No. 1 in terms of market capitalization in 1999. Samsung Electronics had maintained its leading position since 2000.
The shift in rankings is attributed to the stock performance of both companies. Shares of SK hynix rose 6.15 percent to 2,934,000 won, while Samsung Electronics saw a smaller increase of 0.99 percent to 357,500 won.