SK Hynix shares surge over 12% in Seoul after announcing massive stock buyback

Seoul shares saw a significant surge over 6 percent late Thursday morning as investors flocked to major chipmakers, with Samsung Electronics and SK hynix being the standout performers. The Korea Composite Stock Price Index (KOSPI) saw an impressive 401.44 point increase, or 6.2 percent, bringing the index to 6,872.61 by 11:20 a.m. The KRX activated a buy-side sidecar shortly after 10 a.m., a protective measure triggered when the KOSPI 200 Futures Index climbs 5 percent or more within a single minute.

The rally in Seoul shares was primarily driven by chipmakers, which had seen sharp declines the previous day. Samsung Electronics, a market bellwether, jumped 8.99 percent, while its rival SK hynix surged an even more substantial 12.27 percent. SK Square, the parent company of SK hynix, rose 9.21 percent, and Samsung Electro-Mechanics, an electronics component subsidiary of Samsung Electronics, gained 0.65 percent.

As the market continued to climb, the Korean won traded at 1,394.4 won against the U.S. dollar at 11:20 a.m., a decrease of 5.3 won from the previous session's closing rate.