Samsung Electronics Co. shares surged Monday after South Korea’s biggest company announced a surprise plan late Friday to buy back about 10 trillion won ($7.2 billion) of its own stock over the next year.

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 South Korean technology giant’s stock repurchase plan comes amid investor concerns over its flagship memory-chip business, which is missing out on the artificial intelligence boom.

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 continued to rebound Monday, recovering from the steep decline in the previous week, following the company’s announcement of a share buyback plan worth 10 trillion won ($7.

Analysts expect the buyback to provide a short-term catalyst to the stock, which slumped more than 30% this year before Monday’s jump.

SAMSUNG Electronics shares surged after South Korea’s biggest company announced a surprise plan to buy back about 10 trillion won (S$9.7 billion) of its own stock over the next year. Read more at The Business Times.

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.