TradingKey - KOSPI surges over 3%, Kioxia jumps 4%, Samsung and SoftBank follow suit with gains, while SK Hynix unleashes a massive 100 trillion won shareholder return.
During Asian trading hours on October 28, stock markets in Japan and South Korea extended yesterday's strong rebound, both opening higher with upward gaps again. Among them, the KOSPI surged 3.33%, breaching the 5,800 mark to trade at 5,826.17; Samsung Electronics opened significantly higher, jumping 3.6% to trade at 230,000 won; SK Hynix rose 2.24% to trade at 1,371,000 won.
KOSPI index chart, Source: TradingView
The Nikkei 225 Index also opened higher and moved upward, gaining 1.34% to break through the 64,000 mark to trade at 64,117.77; Kioxia surged 4.01% to trade at 13,110 yen; SoftBank rose 2.37% to trade at 4,580 yen.
The main reason for the opening surge in Japanese and South Korean stock markets today is the easing of risk-averse sentiment ahead of the Federal Reserve (FOMC) meeting, with the market generally expecting interest rates to remain on hold. U.S. stocks closed higher across the board, with the Nasdaq Composite Index surging +1.18% and the Philadelphia Semiconductor Index jumping 3.6%.
In addition, SK Hynix officially released its Q3 earnings report this morning, reporting quarterly operating profit of 83.33 trillion won and revenue of 104.62 trillion won, both hitting record highs. The company officially announced that it will implement a shareholder return plan of up to 100 trillion won (approximately $75 billion), and management explicitly pointed out that the memory chip shortage will persist until 2030, thoroughly dispelling market concerns over HBM overcapacity.