Samsung Electronics Co., Ltd. shares surged as much as 6.5% in early Thursday trading. The rally followed the tech giant's preliminary agreement with its South Korean union on wages, a move that potentially averts a strike which had threatened to impact the economy and disrupt the global semiconductor supply chain. The union stated that a planned 18-day strike by nearly 48,000 members would be suspended while a vote on the preliminary deal is conducted between May 22 and 27. The benchmark South Korean KOSPI index rose 4.6%.
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