Samsung Electronics stocks hits 52-week high

Samsung Electronics Co. stocks surged to a 52-week high at the beginning of the morning trading session on Thursday, as the U.S. Federal Reserve signaled the effective end of interest rate hikes.

Samsung Electronics stocks traded at 73,900 won ($57.09) as of 9:24 a.m. on Thursday, up 1.51 percent from the previous day after climbing to 74,200 won, a new 52-week high, at the beginning of the trading day.

Another major chip stock, SK hynix Inc., was also bullish, trading at 134,700 won, or up 2.67 percent from the previous day.

The gains among domestic large-cap stocks on this day were likely due to the bullish trend in the U.S. stock market observed on Wednesday local time after the Fed held its benchmark rate at 5.25 to 5.50 percent.

At the post-meeting press conference, Fed Chair Jerome Powell indicated that the Fed’s policy rate is likely at or near its peak in this tightening cycle but added that the central bank is “prepared to tighten policy further if appropriate.”

Following the Fed’s message, the Dow Jones Industrial Average index topped the 37,000-mark for the first time on Wednesday local time and the Standard & Poor’s 500 index topped 4,700 for the first time since January 2022. The Nasdaq index also hit its highest level since January 2022, with all three major indices closing strong.