November 22, 2024

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[THE INVESTOR] Samsung Electronics' shares on Dec. 20 hit an all-time high of 1,820,000 won (US$1,526), breaking the previous record of 1,819,000 won, set the day before.

The stock closed at 1,812,000 won, up 0.95 percent.

The market capitalization has sequentially reached a record high of 256 trillion won, accounting for 22.88 percent of the stock market, on the same day.

The shares have been on the upward trend in recent weeks despite the ongoing presidential scandal that involves President Park Geun-hye and her confidante Choi Soon-sil.

Samsung is suspected of having provided a total of 44 billion won for Choi in hopes of receiving favors in proceeding with its merger plan for two Samsung Group affiliates -- Samsung C&T and Cheil Industries -- last year.

Investors said the tech firm’s plan to refurbish its shareholder policies and its robust chip business have been the main drive for the stock rally.

Investment firm Nomura Securities has set the target price of Samsung shares at 2.5 million won while other domestic investment agencies have also forecast the stock would reach above 2 million won thanks to improved profits of the firm’s robust memory business.

By Kim Young-won (wone0102@heraldcorp.com)