November 24, 2024

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[THE INVESTOR] Shares of Samsung Electronics continued their recent rally on March 7, closing at an all-time high of 2.01 million won (US$1,752.4).

The share price was up 0.3 percent or 6,000 won from the previous trading session. 

Samsung shares increased largely on expectations about the company’s first-quarter earnings and the upcoming flagship smartphone Galaxy S8 that will be unveiled on March 29.

South Korean stocks closed higher on the day as investors scooped up market heavyweights such as shipbuilders and chemicals stocks.

The benchmark KOSPI rose 12.69 points, or 0.61 percent, to close at 2,094.05. Trade volume was slim at 273 million shares worth 3.89 trillion won, with gainers outnumbering losers 544 to 256.

In the meantime, the Korean tech giant has become the world’s 16th-largest company in terms of market capitalization as of March 3, a jump from the 39th a year ago, the Korea Stock Exchange said in its analysis report published on March 7.

Its market capitalization has soared to US$241 billion, up almost US$100 billion over the past year. The growth rate outpaced those of its tech rivals such as Facebook and Google.

Apple was the most valuable company, with its market value reaching US$733.36 billion.

By Lee Ji-yoon (jylee@heraldcorp.com)