South Korean Shares Rally on SK Hynix Earnings
The benchmark KOSPI rose 4.70% to above 5,900 on Wednesday, extending gains for another session as revived optimism over artificial intelligence demand and strong earnings from chipmaker SK hynix lifted investor sentiment. The rally tracked overnight gains on Wall Street, where the Nasdaq Composite climbed 1.18%, and the Philadelphia Semiconductor Index jumped 3.6%. SK hynix reported a more than sevenfold increase in third-quarter operating profit to 83.33 trillion won, beating market expectations by over 7%, while announcing an additional 60 trillion won in shareholder returns. Additional upward pressure came from index heavyweights, such as Samsung Electronics (+5.74%), SK Hynix (+3.32%), LG Energy Solution (+2.88%), Hyundai Motor (+2.93%), and KB Financial (+3.39%). Meanwhile, investors remained cautious ahead of the Federal Reserve's interest rate decision early Thursday, seeking clues on the future path of US monetary policy.
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The benchmark KOSPI rose 4.70% to above 5,900 on Wednesday, extending gains for another session as revived optimism over artificial intelligence demand and strong earnings from chipmaker SK hynix lifted investor sentiment. The rally tracked overnight gains on Wall Street, where the Nasdaq Composite climbed 1.18%, and the Philadelphia Semiconductor Index jumped 3.6%. SK hynix reported a more than sevenfold increase in third-quarter operating profit to 83.33 trillion won, beating market expectations by over 7%, while announcing an additional 60 trillion won in shareholder returns.
Additional upward pressure came from index heavyweights, such as Samsung Electronics (+5.74%), SK Hynix (+3.32%), LG Energy Solution (+2.88%), Hyundai Motor (+2.93%), and KB Financial (+3.39%). Meanwhile, investors remained cautious ahead of the Federal Reserve's interest rate decision early Thursday, seeking clues on the future path of US monetary policy.