Samsung Electronics Shares Cross USD 70 Mark for First Time Ever
Synopsis
South Korean chipmaker Samsung Electronics Co. saw its shares surpass 100,000 won for the first time, driven by optimism in the chip industry, HBM competitiveness, and a stock buyback program.
Seoul [South Korea], October 27 (ANI): South Korean chipmaker Samsung Electronics Co. saw its shares surpass 100,000 won (USD 69.88) for the first time on Monday, buoyed by growing optimism about chip industry recovery, high-bandwidth memory (HBM) competitiveness, and stock buyback program, as per a report by Pulse, the English service of Maeil Business News Korea.
"Samsung Electronics shares opened at 101,300 won (USD 70.63) on Monday, up 2.53 per cent from the previous session, boosting its market capitalization to 597 trillion won (USD 411.93 billion). It is the first time the stock has ever crossed the 100,000 won threshold," the report noted.
The stock price, which peaked at 79,600 won (USD 57.31) earlier in 2024, broke through the 80,000 won (USD 55.85) mark by the end of March before going on a downward hill.
It subsequently hit a low of 49,900 won (USD 35.93) during trading on November 14 last year and remained within the 50,000 won (USD 36.2) range until early this year.
The downturn was largely driven by a slump in its semiconductor division, which typically accounts for about half of its total profit. The company's operating profit from semiconductors plunged, dragging down its overall earnings.
"In the first quarter of 2025, Samsung fell behind industry rival SK hynix Inc. for the first time in 33 years.
Investor confidence rebounded after Samsung announced a 10 trillion won (USD 7.2 billion) share buyback in November 2024 as part of its shareholder value enhancement plan. Its senior executives followed suit with additional purchases, signaling strong commitment to responsible management and share-price stability, helping the stock recover to the 60,000 won (USD 43.45) range by June this year," the report said.
The company's stock price has maintained a steady upward trajectory since breaking through the 90,000 won level earlier this month. (ANI)
(Except for the headline, this story has not been edited by Asianet Newsable English staff and is published from a syndicated feed.)
Stay updated with all the latest Business News, including market trends, Share Market News, stock updates, taxation, IPOs, banking, finance, real estate, savings, and investments. Track daily Gold Price changes, updates on DA Hike, and the latest developments on the 8th Pay Commission. Get in-depth analysis, expert opinions, and real-time updates to make informed financial decisions. Download the Asianet News Official App from the Android Play Store and iPhone App Store to stay ahead in business.