Samsung stocks continue to rise

Dhaka,  Tue,  22 August 2017
Published : 16 May 2017, 13:49:31

Samsung stocks continue to rise

Samsung stocks continue to rise
Samsung’s share price - which also hit an all-time high last week - has climbed 28 per cent in the year to date, pulling the rest of the market along with it. The company alone has driven about 40 per cent of the Kospi’s gains in the year so far.

Last month, Samsung, which carries a 25 per cent weighting in the Kospi index with a market capitalisation of $288 billion, announced a plan to cancel Treasury shares worth $35 billion. This will concentrate dividends and ownership rights in the remaining shares, making them more valuable. 

“Samsung’s announcement to cancel Treasury shares was a major trigger for the market’s recent rally, although it is doubtful if other Korean companies will take similar steps,” says an analyst. 

Samsung recorded its best quarterly operating profit in more than three years in late April on strong prices of computer chips and panels. Positive reviews of its recently launched Galaxy S8 smartphone have also been well timed, coming when investors have been receptive to a Korean revival story. 

This has largely been driven by the election of Mr Moon, viewed by investors and analysts as a good candidate to defuse North Korean tensions and fix the country’s entrenched corporate governance problems.

Editor : A.H.M Moazzem Hossain
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