Samsung, SK hynix near end of buybacks, leaving KOSPI without clear buyer
Korea's stalling stock market could soon lose a key source of support as Samsung Electronics and SK hynix near the completion of their share buyback programs, market watchers said Sunday. According to the Korea Exchange's corporate disclosure system, Samsung Electronics has repurchased 39.8 million shares over 20 trading days since Aug. 24. That amounts to 74.69 percent of its planned buyback of…
Korea's sluggish stock market may soon lose a key support system as Samsung Electronics and SK hynix approach the final stages of their share buyback programs, according to market analysts. Samsung Electronics has repurchased 39.8 million shares since August 24, constituting 74.69% of its planned acquisition of 53.29 million shares, with the total value of these purchases reaching 10.31 trillion won ($7.41 billion).
SK hynix has also completed 58.79% of its planned 24.07 million share repurchase, purchasing 14.15 million shares since August 20, for a cumulative value of 24.39 trillion won. Both companies had anticipated extending their buybacks through November 21 and 19, respectively; however, at their current rates, the programs are likely to conclude by mid-October.
Samsung Electronics has been conducting average daily purchases of approximately 2 million shares, with continued purchases at this rate expected to finalize the buyback within six to seven weeks.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
