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Samsung Electronics shares reenter 70,000 won range

Samsung Electronics headquarters in Seoul on Oct. 8. (Yonhap)
Samsung Electronics headquarters in Seoul on Oct. 8. (Yonhap)
South Korea’s market bellwether Samsung Electronics increased 1.3 percent to 70,300 won ($59.46) during Friday morning trade, ending a price slide that lasted four consecutive days.

The benchmark Kospi climbed 0.89 percent to 3,015.14 points.

Samsung Electronics, the largest company in the nation by market cap, has the biggest group of retail investors, who amassed 2.78 trillion won worth of its shares in the 10 trading days ending Wednesday.

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 jumped 3.30 percent to 96,900 won in the morning 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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