Samsung Electronics shares cross $70 amid industry recovery

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.

- TBG NETWORK

"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.