SK Hynix (NASDAQ: SKHY) gains momentum after announcing a 40 trillion won ($29 billion) share buyback and expanded free cash flow return targets.

Shares of SK Hynix surged over 12% in Seoul after the company announced a massive stock buyback.

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