Seoul stocks up nearly 6% Wednesday morning on SK hynix earnings
Korean stocks surged nearly 6 percent late Wednesday morning, led by a rally in chipmakers after SK hynix reported record quarterly earnings and announced additional shareholder returns. After opening 2.23 percent higher, the benchmark Korea Composite Stock Price Index (KOSPI) extended its earlier gains to trade up 326.79 points, or 5.8 percent, to 5,965.13 as of 11:20 a.m. As the rally gathered…
Korean stocks experienced a significant rally on Wednesday morning, climbing nearly 6 percent as chipmakers led the gains following SK hynix's announcement of record quarterly earnings and plans for further shareholder returns. Opening 2.23 percent higher, the Korea Composite Stock Price Index (KOSPI) continued its upward trajectory, spiking 5.8 percent to reach 5,965.13 by 11:20 a.m. The momentum of the rally prompted the Korea Exchange to activate a buy-side sidecar shortly before 10 a.m., temporarily suspending buy orders in program trading for KOSPI-listed shares for a period of five minutes.
This measure was triggered when KOSPI 200 futures surged by at least 5 percent and maintained that level for a minute or longer.
In the preceding days, U.S. stocks had also been performing well, propelled by a rally in artificial intelligence (AI)-related technology shares. The tech-heavy Nasdaq Composite experienced a 1.18 percent increase, while the Philadelphia Semiconductor Index soared 3.6 percent, further boosting investor confidence towards South Korean chipmakers. Earlier in the day, SK hynix had reported record-high revenue and operating profit for the third quarter, fueled by robust demand for memory chips.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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