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Samsung Electronics stock price hit record high on buoyant chip and phone sales outlook

Collected: 2016.08.19

Distributed: 2016.08.22

Source: Go Direct

Samsung Electronics Co.’s share price hit an all-time high of 1,644,000 won during the trading session on Thursday, breaking the share’s last record intraday high of 1,584,000 won in January 3, 2013. Samsung Electronics shares closed Thursday at 1,640,000 won, up 74,000 won or 4.73 percent from the previous session.

Foreign securities companies such as Macquarie and Credit Suisse turned out to be the most avid buyers.

The Korean tech giant’s market capitalization surpassed 230 trillion won ($207 billion), accounting for 17 percent of the main Kospi market.

The bellwether blue-chip has been on upswing after it reported the highest quarterly operating profit of 8.14 trillion won in the second quarter this year since the first quarter of 2014, much higher than market estimation of 7.38 trillion won. Buoyed by such an impressive performance, its stock price jumped more than 13 percent in just a month.

The bullish run is likely to continue as international prices of both memory chips and display panels have been on solid rebound. Strong response to its new flagship smartphone Galaxy Note 7 also helps its profit and stock outlook.

Industry watchers are betting the company could record more than 30 trillion won in operating profit and 200 trillion won in sales this year. According to market analysis provider FnGuide, estimation for the company’s operating profit for 2016 was raised to 30.6 trillion won as of August 11.

By Yong Hwan-jin

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