Samsung shares surge on a $7.2 billion buyback plan. Analysts view it as a catalyst for growth, supporting stock amid AI competition.

Samsung Electronics Co. shares surged after South Korea’s biggest company announced a surprise plan to buy back about 10 trillion won ($7.2 billion) of its own stock over the next year. Most Read from BloombergSaudi Neom Gets $3 Billion Loan Guarantee From Italy Export Credit Agency SaceThe Urban-Rural Divide Over Highway Expansion and EmissionsThe stock rose as much as 7.

SEOUL, Nov. 18 (Yonhap) -- South Korean stocks jumped more than 2 percent Monday as investors scooped up Samsung Electronics' shares on the chip giant's massive buyback plan. The Korean won rose against the U.S. dollar.

Samsung Electronics plans to buy back shares worth 10 trillion won ($7.17 billion) over a one-year period to boost shareholder value, it said in a regulatory filing submitted after the market closed on Friday.

Shares of Samsung Electronics jumped on Monday after the company unveiled a surprise plan to buy back about 10 trillion South Korean won ($7.19 billion) worth of its own stock over the next 12 months.

The prospect of a buyback worth trillions of South Korean won has cheered investors after a disappointing year. View on euronews

Shares of Samsung Electronics soared on Monday, the first trading day since the chipmaker announced a multibillion-dollar share buyback on Friday.