Samsung Electronics shares rallies 6% after union suspends strike following tentative wage deal
Samsung Electronics shares rose over 6% following the suspension of a planned strike by its labor union after a tentative wage agreement was reached. The union's decision came after government-mediated negotiations led to a provisional deal, although final agreement details are still pending. The positive market response was also bolstered by strong performance reports from Nvidia, enhancing optimism in the semiconductor sector.
- ▪Samsung Electronics shares increased by more than 6% after the labor union suspended a planned strike.
- ▪The union will hold a vote on the tentative wage agreement from May 22 to 27.
- ▪The provisional agreement includes a special bonus linked to operating profits for the chip division.
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Shares of Samsung Electronics jumped more than 6% on Thursday after its labor union suspended a planned 18-day strike late Wednesday, easing concerns over disruptions at the South Korean chipmaker.The union had said the strike would proceed after the government-mediated talks collapsed on Wednesday. However, another round of negotiations led by South Korea's minister for labor and employment Kim Young-hoon resulted in a tentative agreement.The gains in Samsung were also supported by optimism across semiconductor stocks after Nvidia reported another strong quarter overnight, with revenue surging 85% to $81.62 billion from $44.06 billion a year earlier.
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