SK Group Chairman Chey Tae-won Said Demand for Memory Chips Is Growing Exponentially, Driving the Sharp Rally in SK Hynix and Samsung Electronics Shares Since Last Year.

Commenting on SK Hynix's Recent Pullback, He Said Stock Prices Typically Rise on Expectations Before Correcting After Overshooting, but Added That Memory Chip Demand Will Persist, Supporting a Long-Term Uptrend in the Stock.

Memory stocks rally broadly in pre-market; SK hynix jumps more than 5%, SanDisk Corp. turns higher, while Micron Technology, Western Digital and Seagate Technology PLC pare losses.