South Korean Stocks Open Sharply Higher as SK hynix's Strong Earnings Boost Market Sentiment

Deep News08:20

South Korean stocks opened sharply higher on Wednesday, driven by the previous night's Wall Street rally and SK hynix's strong third-quarter earnings announcement before the market open, which lifted investor sentiment.

Following a gain of more than 3% in the previous trading session, the KOSPI opened up 125.51 points, or 2.23%, at 5,763.85 on Wednesday.

U.S. stocks extended their rally overnight, led by AI-related technology shares. The tech-heavy Nasdaq Composite rose 1.18%, while the Philadelphia Semiconductor Index surged 3.6%, sending a positive signal for South Korean chipmakers.

Before the market opened on Wednesday, SK hynix released its third-quarter earnings report: thanks to strong demand for AI memory chips, the company's operating profit soared 631% to 83.33 trillion won, while revenue jumped 327.9% to 104.61 trillion won. The world's second-largest memory chipmaker also announced an additional 60 trillion won in shareholder returns.

Meanwhile, investors remained cautious ahead of the Federal Reserve's interest rate decision and are closely watching for signals regarding the future direction of U.S. interest rates.

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