Global Market: South Korean shares surge 6% as SK Hynix earnings fuel AI chip rally

South Korean shares surged nearly 6% on Wednesday, led by chipmakers SK Hynix and Samsung Electronics, after stronger-than-expected quarterly earnings from SK Hynix reinforced optimism over sustained demand for memory chips amid the artificial intelligence boom, according to a report by Reuters.The benchmark KOSPI rose 337.64 points, or 5.99%, to 5,975.98 as of 0140 GMT. If the gains hold, the index would record its biggest single-day percentage rise since July 31, as per the report.US MarketsPowered ByAs on 28 Oct 2026, 01:30 AM ISTS&P 500 Top GainersPentair62.29(12.80%)Dell Technologies501.96(7.47%)Super Micro Computer35.09(7.34%)Western Digital380.88(6.95%)Gainers»S&P 500 Top LosersXylem92.86(-14.21%)Boeing168.18(-10.69%)Valero Energy387.34(-9.24%)Coterra Energy32.56(-8.62%)Losers»20% after the memory chipmaker reported a more than seven-fold increase in quarterly profit and announced plans to return about $75 billion to shareholders.

The company also forecast robust demand, supported by investment in AI infrastructure that has driven up memory chip prices.Samsung Electronics, another major beneficiary of the AI-driven semiconductor boom, advanced 8.90%, helping lift the broader market.Live EventsThe rally followed Tuesday's Wall Street gains, as US stocks closed higher on enthusiasm for artificial intelligence-related companies.

Markets also remained focused on the September-quarter earnings season and the US Federal Reserve's policy meeting, Reuters reported. Battery maker LG Energy Solution gained 1.70%, while Hyundai Motor rose 3.27% and Kia Corp advanced 1.50%. POSCO Holdings added 2.72%, while Samsung BioLogics slipped 0.36%.Market breadth remained positive, with 620 stocks advancing and 257 declining among the 913 issues traded.Foreign investors were net buyers of South Korean shares worth 589.1 billion won ($444.24 million), Reuters reported.In currency trading, the South Korean won weakened to 1,335.7 per dollar on the onshore settlement platform, down 0.64% from its previous close of 1,327.2.In the bond market, December futures on three-year treasury bonds fell 0.05 point to 103.29.

The yield on the most actively traded three-year Korean treasury bond declined 2.2 basis points to 3.776%, while the benchmark 10-year yield rose 2.8 basis points to 4.070%, according to Reuters.(Disclaimer: This article is based on inputs from agencies. These do not represent the views of The Economic Times)(You can now subscribe to our ETMarkets WhatsApp channel)