South Korea's benchmark Kospi index surged 7%, or about 500 points, on Wednesday to extend its rally for a second straight session. The gains tracked an overnight rally on Wall Street after softer-than-expected US inflation data boosted investor sentiment, while upbeat analyst commentary on the outlook for AI memory demand provided an additional tailwind.
The positive sentiment spilled over to South Korea's semiconductor sector. Samsung Electronics jumped 8%, while SK Hynix rallied more than 13% and chip equipment maker Hanmi Semiconductor surged about 25%. SK Hynix's newly listed ADRs closed more than 27% higher overnight.
