Seoul stocks up nearly 6 pct Wed. morning on SK hynix earnings

What happened: South Korean stocks surged late Wednesday morning, led by chipmakers, after SK hynix reported record quarterly earnings and announced additional shareholder returns. Key numbers: KOSPI traded up 326.79 points, or 5.8 percent, to 5,965.13 as of 11:20 a.m. Why it matters: Overnight gains in U.S. AI-related tech shares, with the Nasdaq Composite up 1.18 percent and the Philadelphia Semiconductor Index up 3.6 percent, boosted investor sentiment toward South Korean chipmakers. Investors remained cautious ahead of the Federal Reserve's rate decision.

South Korean stocks surged late Wednesday morning, led by chipmakers, after SK hynix reported record quarterly earnings and announced additional shareholder returns.

Overnight gains in U.S. AI-related tech shares, with the Nasdaq Composite up 1.18 percent and the Philadelphia Semiconductor Index up 3.6 percent, boosted investor sentiment toward South Korean chipmakers. Investors remained cautious ahead of the Federal Reserve's rate decision.