hankyoreh

On Mar. 6

Samsung Electronics’ stock has broken the 2 million won barrier.

On Mar. 6, trading on the stock market ended with Samsung Electronics up 1.16% (23,000) to 2,004,000 won (US$1,735). During the day, the price shot up as high as 2,011,000 won.

This was the first time that Samsung Electronics’ stock closed the day above 2 million won. While the price reached a high of 2 million won during trading on Jan. 26, its closing price was 1,995,000 won.

Samsung Electronics also set a record for market capitalization (281.92 trillion won), representing 20.94% of KOSPI’s total value (1.346 quadrillion won).

Experts believe that the stock price was boosted by improved performance in the first quarter and by expectations about the Galaxy S8, the smartphone that is scheduled to be released at the end of this month.

On Mar. 6, foreign investors bought 137.6 billion won worth of Samsung Electronics stock on the fourth straight day of net buying (471.9 billion won). Buoyed by the company’s strong performance, the KOSPI index ended the day up 0.13% (2.61) at 2081.36. The companies ranked second and third in terms of market value - SK Hynix (4.78%) and Hyundai Motor Company (2.11%) - finished higher as well.

Samsung Electronics’ stock did decline after it discontinued production of the Galaxy Note 7 in the second half of 2016. But since then, a bull market in semiconductors has sent its stock soaring, and it has been setting new records almost daily.

Samsung Electronics was listed on the stock market on June 12, 1975. On that day, the stock was worth 5,905 won (US$5.11), and only 40 shares were traded. Samsung Electronics‘ stock topped 500,000 won on Jan. 9, 2004, 28 years after the company joined the exchange. It took seven more years for the stock to reach 1 million won, on Jan. 28, 2011. Then on Mar. 6, six years and one month later, the company entered the 2 million won era.

By Han Gwang-deok, finance correspondent

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