By Kwanwoo Jun


SK Hynix Inc. shares rallied Friday on an improving outlook for the global memory-chip industry after Taiwan Semiconductor Manufacturing Co. posted solid second-quarter results and upgraded its revenue guidance for the year.

Shares of the South Korean chip maker jumped as much as 3.8% to a one-month intraday high of 97,600 won ($74.05) in late morning trade, notching their strongest daily percentage gain since March 17.

The stock benchmark Kospi was 0.1% higher.

The SK Hynix rally was largely driven by TSMC's release of solid second-quarter results Thursday and its optimistic growth outlook for the year, Seoul-based Mirae Asset Securities analyst Seo Sang-young said in a note Friday.

He added that TSMC's latest results helped buoy investor sentiment, suggesting that the recent pessimism about the global semiconductor industry could be overdone.

TSMC on Thursday said its net profit rose 76% from a year earlier for the quarter ended June.

The world's largest contract chip maker raised its full-year revenue forecast, citing strong demand for chips used in products including high-performance computers. It expects U.S.-dollar-based revenue to grow 35% in 2022, versus its earlier estimate of around 30% growth.


Write to Kwanwoo Jun at kwanwoo.jun@wsj.com


(END) Dow Jones Newswires

07-14-22 2306ET