Market Updates: Hybe struggles while KB and SK hynix gain

[Photo by Kim Ho-young]

Hybe Co., which was recently embroiled in a legal dispute with ADOR chief executive Min Hee-jin fell by 5 percent decline in the early hours of Friday and is perilously close to the 200,000 won ($145) threshold.

The company’s shares price dipped to 204,000 won by 10:28 a.m., marking a 4.01 percent decrease from the previous trading day. The stock saw a 7.81 percent drop, followed by a 1.18 percent decline the following day upon news of the company conducting an internal audit on Min. Ador is a Hybe sublabel and manages K-pop girl group NewJeans.

Hybe called for Min‘s resignation as ADOR’s CEO in the wake of an internal audit after allegations arose that Min and another senior official attempted to establish ADOR as an independent entity. In response, Min met with local press in Seoul on Thursday afternoon and refuted all the claims made against her by Hybe, hours after the company said it would file a police report for breach of trust.

Meanwhile, KB Financial Group shares surged more than 7 percent in early trading on Friday, propelled by robust first-quarter earnings and the announcement of an enhanced shareholder return program.

As of 10:28 a.m., KB Financial Group was trading at 74,700 won per share, reflecting a 7.79 percent increase from the previous trading day. The financial institution reported a net profit of 1.4 trillion won for the first quarter.

KB Financial also unveiled its dividend policy on Thursday. It features an equal quarterly dividend of 300 billion won and a commitment to maintaining or increasing total dividends in the future, along with an ongoing share repurchase and buyback plan.

For its part, SK hynix Inc. also saw its shares rise in early trading on Friday following record-breaking sales for the first quarter.

SK hynix was trading at 175,700 won per share by 10:28 a.m., up 6,500 won or 3 percent from the previous day. It hit the 177,500 won per share mark to increase 4.04 percent earlier in the day.