[THE INVESTOR] Powered by better-than-expected market response for the new Galaxy Note large-size smartphone, expectations for a continued recovery of earnings have propelled shares of Samsung Electronics to an all-time high, after surging more than 30 percent this year.

Shares of Samsung, the world’s largest maker of smartphones, jumped 4.7 percent on Aug. 18 to close at 1,640,000 won (US$1,470), a record closing high, and traded at a new intraday record of 1,643,000 won per share in early Friday trade.

The stock rally came as Samsung has been struggling with fierce competition from Apple in the high-end smartphone market and with Chinese brands in the low-end market in recent years.

Earlier this month, Samsung unveiled the new Galaxy Note phablet, in a bid to keep up the momentum of its smartphone sales.

The launch of the Galaxy Note 7 came ahead of the latest iPhone launch, expected in fall, and after Samsung reported its biggest quarterly profit in more than two years thanks to strong sales of Galaxy S7 smartphones.

(theinvestor@heraldcorp.com)