April 26, 2024

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[THE INVESTOR] Tech giant Samsung Electronics saw its shares touch a record high of 2 million won (US$1,728) in intraday trading on Jan. 26.

The stock has been on the upward trend since last year thanks to the robust sales of electronic components, including display panels and semiconductors.

The high expectations for the upcoming Galaxy S8, anticipated to be showcased in March, also gave a boost to the shares.

The Korean tech giant reaped 9.22 trillion won in operating profit during the October-December period, the highest quarterly profit in three years, while its sales stood at 53.3 trillion won.

The world’s largest smartphone firm by sales made the achievement in the fourth quarter despite the unprecedented massive recall of its Galaxy Note 7 smartphone late last year.

In a recent press conference, Samsung said it retrieved 96 percent of 3.06 million Note 7s sold worldwide. Faulty batteries used for the ill-fated Note 7 were pointed as the main cause of the overheating and explosions of the device.

Market analysts expect Samsung’s stock price to soar above 2 million won this year on the back of strong performance of the smartphone and electronic parts businesses.

The shares closed at 1,995,000 won on Jan. 26.

By Kim Young-won (wone0102@heraldcorp.com)