SK Hynix surges 12% as US listing plan boosts valuation hopes
SK Hynix Inc. shares surged after the memory chipmaker unveiled its plan for a $29 billion US listing, a move that analysts viewed as boosting valuations through capacity expansion and greater foreign investor access.
The stock jumped as much as 12% in early Thursday trading, before trimming its advance to around 8%. Samsung Electronics Co. also rallied after memory chip rival Micron Technology Inc posted quarterly sales forecast that crushed Wall Street estimates. The two chip heavyweight’s moves helped drive the Kospi Index up by 6%.
