The South Korean stock market has reversed early losses and is now extending its gains, with a major chipmaker experiencing a sharp upward move.

During early trading on July 8, the KOSPI index turned positive after initially falling nearly 4%. SK Hynix Inc saw its shares rise by more than 2%.

By 08:49, the gains for SK Hynix Inc had widened to 4%.

Subsequently, at 08:55, the broader KOSPI index's increase expanded to 1%.