SK Hynix shares hit daily limit, soaring nearly 30%

South Korean semiconductor giant SK Hynix experienced a dramatic surge in its stock price on July 31, climbing by the maximum daily limit of 29.95% to touch 1,718,000 won during intraday trading. This sharp increase marks a significant rebound for the company, which had seen considerable declines amid recent market adjustments.

The rally in SK Hynix shares was primarily driven by robust buying activity from foreign investors. These investors have been concentrating their purchases on SK Hynix, seemingly capitalizing on the stock's recent dip. The strong performance of SK Hynix also boosted related investment products, with a leveraged Exchange Traded Fund (ETF) based on the company's stock showing a 55% intraday gain.

Meanwhile, fellow tech heavyweight Samsung Electronics also posted significant gains on the same day. As of 2:25 PM, Samsung Electronics' stock was trading 26.57% higher, reaching 262,000 won. The parallel upswing in both major tech stocks suggests a broader positive sentiment returning to the South Korean stock market, particularly within the technology sector.

The surge in SK Hynix's stock price is a notable event, especially considering its position as the second-largest company by market capitalization in South Korea. The strong performance indicates renewed investor confidence in the semiconductor industry and SK Hynix's future prospects.