Shares of SK Hynix surged more than 11.8% during Wednesday morning trading in Seoul, boosted by a strong overnight performance in U.S. technology stocks following a U.S. inflation report that came in below expectations.
Adding to the upward momentum, Barclays initiated research coverage on the company, assigning an “overweight” rating and setting a price target of $330 per share on SK Hynix’s newly listed American Depositary Receipts. Those ADRs had already posted a dramatic gain of nearly 28% on the Nasdaq on Tuesday, closing at $193.92.
South Korea’s benchmark KOSPI index was also on the rise, trading up 6.9% as of 0023 GMT on Wednesday.
