Seoul: Shares of market top-cap Samsung Electronics surpassed 80,000 won (US$57.7) for the first time in 13 months, amid expectations the chipmaker’s quarterly performance would improve on a rise in memory chip prices. As of 3 p.m., Samsung Electronics was trading at 80,200 won, up 2.56 percent from the previous session’s close.
According to Yonhap News Agency, local brokerages have raised their price expectations for the semiconductor maker, with target prices ranging from 90,000 won to 110,000 won. Analyst Kim Eun-ho from IBK Securities noted that the company’s third-quarter performance is expected to surpass market expectations significantly, with Samsung’s sales projected to reach around 87.8 trillion won and operating profit estimated at around 10.4 trillion won.