Samsung had an awesome day in Korea’s stock market, after announcing bumper results for Q3.
The maker of the Galaxy, the world’s second most popular smartphone, saw shares rise by nearly 9% in trade. This performance came after Samsung announced that it was expecting to generate a profit of 7.3 trillion won (£4.13 billion or $US6.32 billion) in the third quarter.
Not only did the numbers exceed expectations by half a trillion Korean won, but they were also up by 79.8% from the same time in 2014.
Samsung’s huge day in the markets was its best in more than six years, and the company closed up by 8.7%. As the markets opened in Korea, shares shot up by 4%, and growth continued steadily all day.
Today’s share price explosion was largely fuelled by Samsung’s strong results, but speculation amongst investors that the company is planning a share buyback also helped add to the excitement around the company today.
Both of Korea’s main indices, the KOSPI and KOSPI 200 closed the day in positive territory. Finishing up 0.76 and 1.39% respectively.