South Korea's KOSPI surges 7% as SK Hynix and Samsung lead Asian rebound

South Korea's KOSPI index surged around 7% on Wednesday, closing near 3,743 points — a move large enough to trigger the sidecar mechanism that halted programme buying orders for five minutes. After two sessions of heavy selling, investors snapped up beaten-down shares in chipmakers SK Hynix and Samsung. Fresh inflation data provided the catalyst for the rebound.