(2nd LD) Seoul shares soar over 6 pct on revived AI optimism, SK hynix earnings
SEOUL, Oct. 28 (Yonhap) -- Seoul shares surged by more than 6 percent Wednesday,...
Seoul stocks experienced a significant surge on October 28, climbing over 6 percent, primarily driven by chipmakers as SK hynix announced impressive quarterly earnings and plans for shareholder returns. The Korean won experienced a decline against the US dollar. The benchmark KOSPI index rose by 374.1 points, or 6.63 percent, to close at 6,012.44.
In response to the rally, the Korea Exchange initiated a buy-side sidecar, temporarily halting program trading buy orders for KOSPI-listed stocks. Earlier, SK hynix revealed record-high revenue and operating profit for Q3, largely attributed to the soaring demand for memory chips in the artificial intelligence (AI) sector. The company promised a shareholder return program worth over 100 trillion won for 2026.
As investors awaited the Federal Reserve's interest rate decision, they observed that SK hynix's strong AI chip demand translated into solid operating profits and shareholder returns, alleviating worries about the AI-driven rally's sustainability and potential memory chip cycle peak. Notable market performers included Samsung Electronics, which increased by 9.01 percent, and SK hynix, which soared 10.89 percent.
Top market cap companies such as Samsung Square and Samsung Electro-Mechanics also saw substantial gains. The Korean won depreciated to 1,337.7 per US dollar, down from the previous session's close, while bond prices fell, with three-year Treasurys yields increasing by 4.1 basis points to 3.799 percent.
Written by urgent.news from Yonhap News's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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