Shares of Samsung Electronics rose as much as 7% to their day’s high of Korean Won 2,88,500 after the company entered crucial wage negotiations with its largest labour union in an effort to avoid a strike that could disrupt operations at the world’s biggest memory chipmaker.
As a result, the KOSPI gained more than 1%. According to MSCI data, Samsung Electronics carries a weight of 32% in the index, followed by SK Hynix at 22%, making movements in the two stocks highly influential for the benchmark. In the previous session, Samsung shares had slumped more than 8%, dragging the Kospi down 6%.
