SEOUL, July 15 (Reuters) – Shares in SK Hynix jumped more than 11.8% in morning trade in Seoul on Wednesday, tracking overnight gains in U.S. technology stocks after softer-than-expected U.S. inflation data, while also drawing support from Barclays’ initiation of research coverage.
Barclays placed an “overweight” rating and a $330-a-share price target on the company’s newly listed American Depositary Receipts (ADRs), which surged nearly 28% to $193.92 on Nasdaq on Tuesday.
The benchmark KOSPI was trading up 6.9% as of 0023 GMT on Wednesday.
(Reporting by Heekyong Yang; Editing by Jamie Freed)
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