SK Hynix Increases Share Buyback Program, Stock Soars
SK Hynix has announced an increase in its share buyback program, a move seen as positive by analysts to close its valuation gap. The news sent the company's shares soaring, with one broker hitting its limit.
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SK hynix buyback sends shares soaring, broker hits limit
SK hynix shares surged as much as 14 percent Thursday after the chipmaker unveiled a 40 trillion won ($28.7 billion) share buyback and cancellation plan, a move it said would mark the largest treasury-share cancellation by a listed Korean company. The rebound helped lift the Kospi and spilled over to rival Samsung Electronics, which gained nearly 10 percent in morning trading on expectations that it could also step up shareholder returns. SK hynix said after Wednesday’s market close that it woul
By The Korea Herald
Read full article →SK Hynix increasing buyback is a 'positive' step to close valuation gap: Wedbush
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