SK telecom shares fall on new subscription freeze

SK telecom shares fall on new subscription freeze

최초입력 2025.05.02 11:08:34

(Yonhap)

SK telecom Co. shares extended losses Friday morning following a government measure that effectively bans the company from acquiring new subscribers.
The stock was trading at 53,650 won ($37.4) as of 10:52 a.m., down 1.2 percent from the previous session. It opened 1.47 percent lower and continued to decline. The stock had already fallen earlier in the week following a hacking incident and a subsequent SIM card replacement program to address data leak concerns. Shares dropped 6.75 percent and 0.93 percent on Monday and Tuesday respectively before briefly rebounding 1.69 percent on Wednesday.
The renewed downtrend is tied to administrative guidance issued Thursday by the Ministry of Science and ICT, which directed SK telecom to halt all new mobile subscriptions until the SIM card shortage is resolved. The ministry also urged the company to consider waiving contract cancellation penalties and easing the burden of proof for customers seeking compensation.
SK telecom, which saw a net loss of 70,000 subscribers earlier in the week, now faces mounting pressure on its market share due to the halt in new sign-ups.

Lee Jae-myung, presidential candidate of the Democratic Party of Korea. (Yonhap)

Meanwhile, shares linked to Lee Jae-myung, the Democratic Party of Korea’s presidential candidate, tumbled on the same day following the Supreme Court’s reversal of his acquittal in an election law violation case the day before.
Orientbio Inc. shares dropped 7.6 percent to 1,520 won, while Ilsung Construction Co. shares fell 9.55 percent to 3,030 won.
The Supreme Court remanded Lee’s alleged election law violation case to a lower court for a retrial on Thursday, indicating a view of guilt, and the decision is widely viewed as a major setback to his candidacy. Investor concerns over the implications of a retrial, along with continued uncertainty surrounding presidential immunity under the Constitution, appear to have fueled the selloff.
In contrast, stocks tied to former Prime Minister Han Duck-soo rose sharply after he stepped down from public office Thursday and is set to formally announce his presidential bid on Friday.
Sigong Tech Co. shares climbed 13.41 percent while shares in affiliate I-scream Edu Co. surged 16.9 percent.
Han is scheduled to hold a press conference at the National Assembly later in the day to declare his candidacy.
Separately, Doosan Co. shares rose more than 9 percent Friday, supported by strong first-quarter 2025 results from its electronics business group (BG) and an improved outlook.
Doosan was trading at 333,000 won, up 9.72 percent, after hitting an intraday high of 340,000 won.
After Wednesday’s market close, Doosan reported an operating profit of 198.5 billion won for the first quarter of 2025, down 42.9 percent year-on-year, while revenue fell 3.7 percent to 4.3 trillion won.
However, revenue from its core operations rose 83 percent to 485 billion won while operating profit jumped 386 percent to 121.1 billion won. Its electronics BG in particular delivered record quarterly sales of 402.9 billion won, driven by strong demand for high-end copper-clad laminates (CCLs).
DS Investment & Securities raised its target price for Doosan that day from 450,000 won to 500,000 won, citing continued momentum in the electronics division. The brokerage raised its full-year revenue and operating profit estimates for the segment to 1.63 trillion won and 468 billion won respectively from its previous projections of 1.39 trillion won and 210 billion won.
Doosan’s full-year operating profit is now forecast to reach 1.16 trillion won, marking a 15 percent increase from last year’s figure, which came in slightly above 1 trillion won.
SK telecom shares closed at 53,700 won, while Orientbio shares closed at 1,377 won and Ilsung Construction shares closed at 2,945 won. Doosan shares closed at 333,500 won.
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SK telecom shares fall on new subscription freeze

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