Shares in SK Hynix jumped more than 11.8% in morning trade in Seoul on Wednesday, tracking overnight gains in U.S. technology stocks after softer-than-expected U.S. inflation data. The surge in SK Hynix shares also drew support from Barclays’ initiation of research coverage, which placed an “overweight” rating and a $330-a-share price target on the company’s newly listed American Depositary Receipts (ADRs).
The benchmark KOSPI was trading up 6.9% as of 0023 GMT on Wednesday. SK Hynix’s ADRs surged nearly 28% to $193.92 on Nasdaq on Tuesday.
Original reporting: Appleton, WI News Feed (HLL/CB) — read the source article.