Samsung Electronics stock soars as preliminary wage agreement halts strike

Glonghui May 21｜During early trading on Thursday, Samsung Electronics’ share price once rose by 6.5% after the tech giant reached a tentative wage agreement with its Korean union, potentially averting a strike that threatened to impact the economy and disrupt the global chip supply chain. The union stated that the planned 18-day strike by nearly 48,000 members will be suspended during the voting period for the tentative agreement from May 22 to May 27. South Korea’s benchmark index KOSPI rose by 4.6%.