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