South Korea’s stock market soars as Samsung union calls off planned strike
South Korea's stock market experienced a significant surge after Samsung's union called off a planned strike. The KOSPI index rose over 8 percent following a tentative agreement between Samsung Electronics and its union to resolve a pay dispute. This development is crucial as Samsung is a major player in the global memory chip market, which has seen increased demand due to the AI boom.
- ▪Samsung Electronics and its union reached a tentative agreement to avoid an 18-day strike by 48,000 employees.
- ▪The KOSPI index rose more than 8 percent, marking a remarkable increase of over 80 percent since the start of the year.
- ▪Samsung's chip division reported a nearly 50-fold increase in operating profit in the first quarter, reaching nearly 54 trillion won.
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Economy|Financial MarketsSouth Korea’s stock market soars as Samsung union calls off planned strikeBenchmark KOSPI rises more than 8 percent following deal to avert strike at top memory chip maker.ListenListen (2 mins)SaveClick here to share on social mediashare-nodesSharefacebookxwhatsapp-strokecopylinkgoogleAdd Al Jazeera on GoogleinfoCurrency traders watch monitors at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, on May 20, 2026 [Ahn Young-joon/AP]By John PowerPublished On 21 May 202621 May 2026South Korea’s stock market has rallied following a last-minute deal to avert a strike that had threatened to disrupt the global supply of memory chips.Samsung Electronics and its union on Wednesday night announced a tentative agreement to settle a…
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