South Korean shares rally 6% as SK Hynix beats forecasts

South Korea’s KOSPI rose 5.99% to 5,975.98 by 0140 GMT on Wednesday, gaining 337.64 points, Business Recorder reported. The index was on course for its largest daily percentage advance since July 31 if the rise continued. Chipmakers led the move after SK Hynix posted third-quarter profit above expectations and indicated demand would stay strong.

SK Hynix climbed 8.20% after reporting quarterly earnings more than seven times higher and announcing about $75 billion in shareholder returns. Samsung Electronics rose 8.90%, while Hyundai Motor gained 3.27% and Kia added 1.50%; LG Energy Solution and POSCO Holdings also advanced, but Samsung BioLogics slipped 0.36%. Foreign investors bought a net 589.1 billion won of shares, while the won weakened 0.64% to 1,335.7 per dollar. South Korea’s bond yields moved in different directions, with the three-year yield down 2.2 basis points and the 10-year rate up 2.8 basis points.