South Korean shares soar more than 6% as chipmakers rebound

Business Recorder reported that South Korean shares jumped more than 6 per cent on Thursday, putting the benchmark KOSPI on course for its biggest daily percentage advance since July 31. By 0153 GMT the index had risen 407.48 points to 6,878.65 after falling close to 6 per cent in the prior trading day.

Chipmakers drove much of the move. SK Hynix shares surged 12.93 per cent after the company said it would buy back and retire 40 trillion won of treasury stock, or $28.69 billion, and direct over half of its free cash flow from 2025 through 2027 to shareholder payouts. Samsung Electronics rose almost 10 per cent, and other large caps including Hyundai Motor, Kia, LG Energy Solution and POSCO Holdings also gained.

Overall, 544 of the 902 traded issues advanced while 319 declined, and overseas investors bought a net 524.5 billion won worth of local equities. The won traded at 1,393.1 per dollar, 0.29 per cent weaker, and the benchmark 10-year bond yield slid 8.8 basis points to 4.325 per cent. Early trade also set off a sidecar curb, a mechanism meant to limit excess volatility.