ETF Movement Alert | Samsung Electronics Double Leveraged ETF (07747) Plunges Over 9% Intraday as Samsung's Korean Union Announces Thursday Strike

Stock News10:54

Samsung Electronics Double Leveraged ETF (07747) experienced a sharp intraday reversal, turning from gains to a decline exceeding 9%. At the time of writing, the fund was down 7.41%, trading at HK$128.1 with a turnover of HK$1.315 billion. This movement follows reports that labor-management negotiations at Samsung Electronics Co., Ltd. in South Korea broke down again on May 20, leading to a major strike set to begin tomorrow. This is poised to be the largest strike in the company's history. In a vote held in mid-March involving over 66,000 union members, 93.1% approved the strike action. The full-scale strike is scheduled to take place from May 21 to June 7. As a globally significant manufacturer of memory chips, a strike at Samsung Electronics could further tighten the global semiconductor supply, which is already under pressure from the ongoing surge in AI data center construction. The potential impact may extend across multiple industries, including automotive, computing, and smartphones.

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