Samsung Electronics shares gain on Apple chip deal

Seoul [South Korea], August 7 (ANI): Shares of Samsung Electronics rose sharply in early trading Thursday following reports that the tech giant will manufacture Apple's next-generation chips at its US-based foundry plant, as per Pulse Korea.

As of 9:15am, Samsung was trading at 70,000 won (USD 50.45) on the Korea Exchange, up 1.74 per cent from the previous session, reclaiming the symbolic "70,000 club" status.

Investor sentiment was buoyed by news that Apple is strengthening its collaboration with Samsung and other partners as part of a broader investment expansion in the United States. Market watchers also suggested that Samsung could be a key beneficiary of US tariffs on semiconductor imports proposed by US President Donald Trump.

During an Apple investment announcement event held at the White House early Thursday (Korea time), Trump reiterated his plan to impose a 100 per cent tariff on certain chip products. However, he added that chips manufactured at US-based facilities would be exempt from the tariff--positioning Samsung's local operations favorably, as per Pulse.

Meanwhile, shares of eco-friendly plastic and packaging companies rallied early Thursday after reports emerged that the Korean government is pushing a national roadmap for plastic reduction as part of its key policy agenda.

As of 9:18am, shares of Samryoong were up 8.44 per cent to 9,510 won, while Serim B&G and EcoPlastic rose 4.75 per cent and 1.36 per cent, respectively.

According to media reports, the Ministry of Environment recently submitted a detailed implementation plan for the roadmap to the Presidential Planning Committee. During his confirmation hearing last month, Environment Minister Kim Sung-hwan pledged to finalise the roadmap by year-end, emphasising a transition from a one-way consumption model to a circular economy structure.

Samsung Electronics shares closed at 70,500 won on Thursday, up 2.47 per cent from the previous day. Shares of Samryoong stayed flat at 8,770 won while those of Serim B&G finished 0.16 per cent lower at 1,827 won and EcoPlastic 1.36 per cent lower at 3,635 won, as per Pulse. (ANI)

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