Samsung Electronics shares reenter 70,000 won range
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South Korea’s market bellwether Samsung Electronics increased 1 percent to 70,100 won ($59.28) on Friday, after remaining below the sensitive threshold for four consecutive days.
The benchmark Kospi climbed 0.88 percent to 3,015.16 points in the same day.
Samsung Electronics, Korea’s largest company by market cap, has the biggest group of retail investors -- some 4.54 million -- as of the end of June.
Samsung’s stock prices soared to as high as 91,000 won on Jan. 11 but lingered between 70,000 and 85,000 won for months until it dropped below 70,000 won on Tuesday for the first time this year. The drop means investors that bought shares in Samsung this year have suffered a loss.
Friday’s increase followed an industrywide uptick. The PHLX Semiconductor Index, a major industry benchmark in the US, jumped 3.08 percent Thursday after Taiwanese chipmaker TSMC unveiled a quarterly report that beat market estimates.
SK hynix, the second-largest chipmaker in the country, also jumped 4.9 percent to close at 98,400 won on Friday.
“TSMC’s good quarterly performance and strong stock rise are likely to have a positive impact on domestic semiconductor stocks,” said Han Ji-young, an analyst at Kiwoom Securities.
By Park Ga-young(gypark@heraldcorp.com)
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