Kospi surges as Samsung averts strike
The South Korean benchmark Kospi surged on Thursday, led by a sharp rally in Samsung Electronics after the memory chip giant averted a strike through a last-minute labor agreement.
The Kospi opened 3.85 percent higher at 7,486.37, and extended gains to briefly surpass the 7,700 level during trading, according to the Korea Exchange.
As of 2 p.m., the index stood at 7,788 points, advancing 8.04 percent on-session.
The index regained momentum after Samsung Electronics, the market’s biggest heavywei
- Samsung Reaches Tentative Deal With Union Bloomberg —
- Samsung reaches 11th-hour deal with union to avoid strike The Japan Times —
- Samsung union halts planned strike after reaching tentative deal 📹 Reuters — · 1min
- Tide is high for deal Korea Times —
- Samsung Electronics shares rallies 6% after union suspends strike following tentative wage deal CNBC —