SEOUL, South Korea — South Korean stocks surged on Tuesday, with the benchmark index jumping more than 4% as chip giants Samsung Electronics and SK Hynix rebounded sharply after a punishing selloff last week.

The KOSPI was up 230.30 points, or 4.59%, at 5,249.15 at 3:12 p.m. local time, just before the close.

The rally began at the opening bell. The KOSPI opened at 5,247.22, up 228.37 points, or 4.55%, from the previous session.

The surge triggered a market mechanism. Samsung Electronics and SK Hynix rose 5% to 7% in early trading, triggering buy-side sidecars on........

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