South Korean Stocks Rally on Chip Surge, Wall Street Boost; SK Hynix's Nasdaq Listing Raises Record $26.5 Billion
South Korean markets surged on Friday, tracking an overnight rally in global semiconductor stocks and tech shares, as investor sentiment was bolstered by a positive lead from Wall Street and major corporate milestones in the technology and shipbuilding sectors.The benchmark Korea Composite Stock Price Index, or Kospi, rose by 2.5%, or 184.03 points, to close at 7,475.94. The Kosdaq also increased by 5.5%, or 43.43 points, to end at 837.43.In economic news, South Korea sold 1.7 billion euros through euro-denominated foreign exchange stabilization bonds at record-low spreads for both three- and seven-year maturities, following its U.S. dollar bond issuance in February 2025, the finance ministry said in a Thursday release.The issuance comprised 700 million euros of three-year notes and one billion euros of seven-year notes, the release said.The offering marked the country's largest-ever euro-denominated foreign exchange stabilization bond issuance, establishing a new benchmark for Korean euro bonds. The 1 billion-euro seven-year tranche was also the largest single-tranche euro bond issued by South Korea, surpassing the previous record set in 2014.On the corporate front, chipmaker SK Hynix (KRX:000660) raised about $26.5 billion from its initial public offering on the Nasdaq, marking the largest-ever US listing by an overseas firm.The chipmaker began offering about 177.9 million American depositary shares priced at $149 per ADS, according to a prospectus filed Monday.The ADRs are set to debut on Friday, July 10.Bank of America, JPMorgan, Citi, and Goldman Sachs are leading the offering.The chipmaker plans to use the proceeds to boost its chip production capacity, including building new chip fabrication plants in South Korea and buying advanced extreme ultraviolet (EUV) lithography machines.Shares of the company rose nearly 1% at market close.In other news, HD Korea Shipbuilding & Offshore Engineering (KRX:009540) won an order for six product carrier vessels from a shipper in the Middle East, according to a Friday filing with the Korean Exchange.The deal is valued at 469.9 billion won. The shipbuilder will deliver the product carrier vessels by June 30, 2029.Shares of the shipbuilder added over 4% at market close.