Samsung Averts Strike, Boosting South Korean Stocks

Deep News05-21 09:20

South Korean stocks surged after Samsung Electronics reached a preliminary agreement with its union, allowing the world's largest memory chipmaker to narrowly avert a strike at the last moment.

The benchmark Kospi index rose as much as 6.2% on Thursday, with Samsung's stock price soaring nearly 7%. Shares of SK Hynix jumped up to 8.3%. Following the surge in futures prices, the Korea Exchange temporarily halted program trading for the Kospi and the small-cap Kosdaq index.

Chip-related stocks also received a boost from Nvidia's stronger-than-expected earnings report. The South Korean stock market had declined over the previous two trading sessions, as rising yields dampened sentiment for tech stocks and strike risks cast a shadow over Samsung's share price.

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