The SK Group overtook Hyundai Motors to become the second largest business group in South Korea by its stock market value, following the revaluation of its chip-making unit SK hynix, the Korea Exchange said Monday.
According to exchange figures, SK has had a market capitalization of 119.95 trillion won ($107.36 million) since mid-June, allowing it to overtake the Hyundai Motor group, which had the second largest market cap at the end of 2016 and has now been relegated to third position with a capitalization of 102.84 trillion won.
Samsung continues to be the country's biggest company by market value with an increase in market capitalization of 30.85 percent since December to stand at 516.57 trillion, almost one-third the value of Kospi, the stock market index of South Korea.
Meanwhile, the value of SK has risen almost 33 percent owing to the spectacular climb at the exchange of SK hynix, whose shares are being traded at record highs following its consolidation as the world's second-largest chipmaker.
Excitement in the global chip market has attracted a large volume of investment into SK hynix and Samsung Electronics (the world's largest chip maker) this year.
In contrast, Hyundai lost 0.58 percent of its value in the first six months of 2017, owing to poor sales in China due to a diplomatic row between Seoul and Beijing over the former's decision to deploy the anti-missile system, Thaad, built by the United States, on its territory.
The figures of the Korea Exchange also show that the top 10 business groups reached a market capitalization of 936.49 trillion last week, which is 51.66 percent of the total value of Kospi.
The new government headed by liberal Moon Jae-in has proposed to clamp down on the clout of these often family-run conglomerates - which are also the cornerstone of the South Korean economy - following the involvement of several of them in the massive Rasputin corruption scandal, which has been roiling the country since last year and had toppled the earlier administration.