Samsung Electronics has struggled over the past couple of years and that was reflected in investor sentiment who just weren’t paying top dollar for the company’s stock. The company has been working hard to turn things around and the Galaxy S7 has made a significant contribution to those efforts, so much so that the company will post its best quarterly results in quite some time. This has renewed investor confidence in the company which is why Samsung’s share price is now rallying towards a new record.
Samsung’s share price hit the very important 1.5 million won ($1,303) psychological mark yesterday for the first time since March 2015. It ended up closing 2 percent higher at 1,489,000 won which is the highest close since April 10 last year. Samsung’s shares have been rallying since the company released its Q2 earnings guidance last week with 8.1 trillion won in operating profit for the previous quarter. Shares normally fall after a company releases better than expected earnings as investors lock in their profits but they remained bullish on Samsung Electronics, pushing the company’s stock towards a new record high. The market now waits to see if investors are willing to take the stock to new heights, the highest it has ever been was 1,576,000 won back on January 2, 2013.
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