18/11/2024, 5:24:02 pm

Samsung Jumps as Surprise $7 Billion Buyback Welcomed by Market

Samsung Electronics shares surged 6.7% in Seoul trading after announcing a surprise plan to buy back $7.2 billion of its own stock over the next year, providing a short-term catalyst to the stock which slumped 30% this year. Samsung will cancel 3 trillion won of shares starting Monday, with the board deliberating on the remaining 7 trillion won.