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Seoul Stocks Jump Nearly 6% as SK hynix Earnings Lift Chipmakers

Seoul's KOSPI rises nearly 6% as SK hynix's record earnings lift chipmakers and trigger a buy-side sidecar.

AI News Feed · 2026-10-28 13:11

The benchmark KOSPI opened 2.23 percent higher and extended its earlier gains to trade up 326.79 points, or 5.8 percent, at 5,965.13 as of 11:20 a.m., according to Yonhap News.

The rally triggered a buy-side sidecar shortly before 10 a.m., suspending buy orders in program trading for KOSPI-listed shares for five minutes. The Korea Exchange activates the measure when KOSPI 200 futures rise at least 5 percent and remain at that level for one minute or longer.

The rally came as U.S. stocks extended gains overnight, led by artificial intelligence-related technology shares. The Nasdaq Composite climbed 1.18 percent and the Philadelphia Semiconductor Index jumped 3.6 percent, which Yonhap said boosted investor sentiment toward South Korean chipmakers.

SK hynix reported record-high revenue and operating profit for the third quarter on robust memory chip demand and announced a shareholder return program worth more than 100 trillion won ($75.3 billion) for 2026.

KOSPI heavyweights rose across the board. Samsung Electronics advanced 7.77 percent and SK hynix gained 7.76 percent. SK Square, the parent firm of SK hynix, jumped 8.7 percent, and Samsung Electro-Mechanics, an electronics component affiliate of Samsung Electronics, surged 9.16 percent.

Investors remained cautious ahead of the Federal Reserve's rate decision scheduled for early Thursday Korean time, looking for signals on the future path of U.S. interest rates.

The Korean won traded at 1,336.0 won against the U.S. dollar at 11:20 a.m., down 9 won from the close of the previous stock trading session.

Editor's Summary

South Korean shares surged nearly 6 percent as SK hynix's record third-quarter results and 2026 shareholder return plan drove chipmaker gains. The KOSPI rally triggered a five-minute buy-side sidecar, while investors awaited the Federal Reserve's rate decision.