SEOUL (Reuters) - Shares of South Korea’s Samsung Electronics extended their rebound on Tuesday, rising as much as 3 percent, as currency concerns subsided.
“The recent set back in the yen’s weakness against the dollar and the won has cleared much worries stemming from currency rates, highlighting the cheap valuation of Samsung Electronics shares following a sluggish January,” said Park Kang-ho, a tech analyst at Daishin Securities.
Shares of Samsung Electronics, the world’s top smartphone maker, rose as much as 3 percent to 1.311 million Korean won ($1,200) on Tuesday, which marked their highest intraday levels in over two weeks. Samsung stocks were heading for a fourth consecutive day of gains.
($1 = 1071.2000 Korean won)
Reporting by Jungmin Jang and Hyunjoo Jin; Editing by Anand Basu