Key facts
- SK Hynix shares rose over 11.8% in Seoul trading on Wednesday.
- The stock's rise followed overnight gains in U.S. technology stocks.
- Softer U.S. inflation data contributed to the positive market sentiment.
- Barclays initiated coverage on SK Hynix ADRs with an 'overweight' rating and a $330 price target.
- SK Hynix ADRs surged nearly 28% on Nasdaq on Tuesday.
Shares of South Korean memory chip maker SK Hynix experienced a significant jump of over 11.8% in morning trade on Wednesday in Seoul. This surge was largely attributed to overnight gains in U.S. technology stocks, which were buoyed by softer-than-expected U.S. inflation data. Additionally, the company's stock received a boost from Barclays initiating research coverage with an 'overweight' rating and a price target of $330 per share for its American Depositary Receipts (ADRs).
SK Hynix's ADRs had previously seen a substantial increase of nearly 28% on Tuesday, closing at $193.92 on the Nasdaq. The broader South Korean market also showed strength, with the benchmark KOSPI trading up 6.9% as of 0023 GMT on Wednesday.