SK hynix hits daily limit as chip stocks extend dramatic rebound

SK hynix shares hit their daily upper limit Friday, as South Korean chipmakers extended a sharp rebound following a recent market rout.

The stock surged 29.95 percent to 1,718,000 won ($1,203) in afternoon trading on the Kospi, briefly touching the 30 percent ceiling after opening 28.37 percent higher.

South Korea limits daily stock-price movements to 30 percent in either direction, a threshold the Korea Exchange raised from 15 percent in June 2015.

The rally came a day after SK Group Chairman C ...