Posted April. 29, 2017 07:07,
Updated April. 29, 2017 07:14
After cancelling its plans to convert the electronics giant to a holdings company, Samsung Electronics continued to break the historically-high share prices for two days in a row. Korean stock firms have already set the bar high at 3 million won per target share.
The Korea Composite Stock Price Index closed the market on Friday with Samsung Electronics wrapping up the day at 2,231,000 won, up by 1.78 percent from a previous day. The decision to give up converting into a holdings company, along with market expectations on the possible retirement of its treasury stocks and higher dividends were translated into price increase for the two consecutive days.
Securities scrambled to uplift target prices for Samsung Electronics. Yuanta Securities and KTB Investment & Securities both lifted the bar from 2.7 million to 3 million won. Shinhan Securities and NH Investment & Securities also adjusted their target prices from 2.7 million won and 2.6 million won, respectively, to 2.9 million won.
The market broke the 2,210 line in early trading on Friday while being driven by the bullish Samsung Electronics shares, but closed the day down by 0.18 percent to 2,205.44 due to sales from foreign investors and institutions.