Samsung shares climbed more than 7% on Monday after the company announced plans to buy back about 10 trillion South Korean won ($7.19 billion) worth of its own stock over the next 12 months. The South Korean tech giant said it will initially buy back 3 trillion won of shares in the next three months and cancel them. This marks Samsung’s first share buyback since November 2017, according to data from LSEG.
The surprise move helped boost Samsung’s stock, which was the top gainer on South Korea’s benchmark Kospi index. The Kospi rose 2.16% to close at 2,469.07, leading gains in Asia. In other market news, Asia-Pacific stocks were mixed on Monday as investors awaited key economic data from the region this week.
Japan’s Nikkei 225 fell 1.09% to 38,220.85, while Hong Kong’s Hang Seng Index gained 0.82% in late trading.
Samsung stock buyback boosts shares
China is set to release its loan prime rate on Wednesday, with no change expected from the current one-year rate of 3.1% and five-year rate of 3.6%, according to ING.
Japan will report trade data on Wednesday and inflation numbers on Friday. Chinese tech firm Xiaomi’s shares rose as much as 3.75% ahead of its third-quarter earnings release after the close of Asia markets. The company is expected to report better revenue, gross profit, and net profit compared to last year.
Property developer Country Garden has submitted a preliminary offshore debt restructuring proposal to some creditors as it tries to avoid liquidation. The plan includes a revised cash flow projection showing weaker estimates than previously shared. New Zealand’s output producer price index grew 4.2% year-on-year in the third quarter, its fastest pace since March 2023.
Singapore’s non-oil domestic exports surprisingly fell 4.6% in October, missing expectations for a 2.6% increase.
