Samsung stock price reaches record high for the year

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It was not long ago that Samsung’s stock price was taking a beating due to concerns about the company’s growth and profitability. Samsung has managed to turn things around and its recent quarterly earnings are a testament to that. Analysts are now positively bullish for the company’s earnings in the second quarter and that’s being reflected in greater investor confidence in the company’s shares. Samsung’s share price has hit a record high for the year, breaking the 1.33 million won ($1,156) ceiling in six months.
Given the rising value of its stock, Samsung now accounts for 15.17 percent of the aggregate market value of the entire Korea Composite Stock Price Index. The surge in price is attributed to the positive outlook that in the second quarter Samsung’s operating profits will reach 7 trillion won ($5.87 billion) owing to the stellar performance of the Galaxy S7 and the Galaxy S7 edge. Institutional investors are now filling up their portfolios with Samsung shares as they expect the company’s performance to improve in the coming months.
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