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Samsung shares jump on $9.6 billion buyback plan
The Straits Times
|November 19, 2024
Samsung Electronics shares surged after South Korea's biggest company announced a surprise plan to buy back about 10 trillion won (S$9.6 billion) of its own stock over the next year.
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The stock rose as much as 7.5 per cent in Seoul trading on Nov 18, adding to a 7.2 per cent jump on Nov 15 ahead of the news. The shares are still down about 28 per cent in 2024 amid concerns that its memory chip business has fallen behind in the artificial intelligence (AI) market.
Analysts expect the buyback to provide a catalyst for the stock, while some noted that it may also help the founding family tighten its grip. Shares of competitor SK Hy-nix have climbed about 23 per cent in 2024 on investor enthusiasm for its AI chips.
Dit verhaal komt uit de November 19, 2024-editie van The Straits Times.
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