SK Innovation Co., Ltd. shares plunge in the 7% range intraday, threatening the 140,000-won mark [Stock NOW]

[Financial News] SK Innovation Co., Ltd. is down more than 7% intraday, putting the 140,000-won mark under threat.
As of 10:01 a.m. on the 22nd, SK Innovation Co., Ltd. was trading at 143,100 won, down 11,200 won (7.26%) from the previous trading day. The stock opened at 153,400 won and rose as high as 155,500 won intraday, but then turned lower and fell to 140,400 won.
The sharp recent rise in the stock, driven by expectations of higher international oil prices and refining margins, appears to have prompted profit-taking. SK Innovation Co., Ltd. shares have been highly volatile this month, having climbed as high as 165,400 won, their highest level of the year.
The mixed performance of international oil prices overnight also appears to have affected investor sentiment. On the 21st (local time), December-delivery U.S. West Texas Intermediate (WTI) crude settled at $97.15 a barrel, down 0.7% from the previous trading day. Brent Crude Oil ended slightly higher at $108.82 a barrel.
However, analysts expect earnings to continue improving in non-battery businesses such as refining, lubricants and power generation. On the 14th, Meritz Securities estimated SK Innovation Co., Ltd.'s third-quarter operating profit at 3.6983 trillion won and raised its target price to 210,000 won. The analysis said results would be supported by high refining margins and improved spreads resulting from disruptions in lubricant supply, among other factors.
By contrast, the outlook for continued losses at battery subsidiary SK On is seen as a headwind. Meritz Securities forecast a third-quarter operating loss of 179.4 billion won for SK Innovation Co., Ltd.'s battery business. SK Innovation Co., Ltd. is scheduled to announce its third-quarter results on the 29th.

[email protected] Lee Jeong-hwa Reporter