The regional benchmark index surged on Wednesday as the nation’s top memory chip maker released an aggressive payout plan for its investors. The Kospi climbed 6.5% to near the 6,000 level after SK Hynix posted record quarterly profit and detailed a $75 billion program to return value to shareholders, fueling a wider rebound in Asian semiconductor shares.
The rally triggered the Korea Exchange’s “sidecar” mechanism to freeze programmatic buying for five minutes for the second straight day, adding an estimated $170 billion in market value to South Korean stocks. Foreign investors drove the gains by purchasing 916 billion won of shares by mid-morning, though the index remains more than 35% below its June record close of 9,114.