SK Hynix Shares Jump 6% on Massive 40 Trillion Won Share Buyback Plan

SK Hynix shares surged over 6% in early trading on March 20, following the company's announcement of a massive 40 trillion won ($30 billion) share buyback and retirement plan. This move represents a record shareholder return policy, aiming to boost investor confidence.

The stock reached 1.593 million won, recovering some ground after a significant drop the previous day. However, the gains did not fully offset the 9.75% decline experienced on March 19, partly due to a weaker performance in U.S. semiconductor stocks. Concerns over potential delays in artificial intelligence data center construction have impacted the sector.

Samsung Electronics also saw its stock price climb 3.03% amid expectations of a similar shareholder return announcement. The positive sentiment in the semiconductor sector contributed to a 2.39% rise in the KOSPI index. Meanwhile, the KOSDAQ index showed stronger performance, increasing by 3.16%, largely driven by the biotech sector.

Biotech stocks experienced a broad rally following news that a cancer vaccine jointly developed by Moderna and Merck successfully passed Phase 3 clinical trials. Alteogen, a leading KOSDAQ-listed biotech firm, was up 12.69%, significantly contributing to the index's rise.