SAMSUNG ELECTRONICS SURGES ON ROSY CHIP OUTLOOK

Shares in Samsung Electronics Co. continued to surge on the Seoul bourse Thursday on the back of rosy outlook for its semiconductor business, Joo Kyung-don reported for Yonhap news agency late on December 3, 2020.

Samsung shares advanced 0.29 percent to close at a new all-time high of 69,700 won ($63). During the session, Samsung shares surpassed the 70,000-won mark for the first time, reaching as high as 70,500 won at one point.

Shares in Samsung have been skyrocketing recently with massive foreign buying on expectations of a big boom in the chip industry next year. The share price of Samsung was only 57,400 won at the beginning of November.

"Samsung Electronics has been anchoring foreign investors' so-called 'buy Korea' trend recently," Hwang Min-seong, an analyst at Samsung Securities, said. "Next year's earnings recovery, shareholder return policy, and its valuation will be all reflected in its share price."