Samsung Electronics’ shares jump after tentative wage deal suspends strike

Samsung Electronics’ shares rose as much as 6.5% in morning trade on Thursday after ‌the ⁠tech ⁠giant and its South Korean union reached a tentative pay deal, potentially averting a strike that had ⁠threatened to ‌hit the economy and undermine ⁠global chip supply chains.

The union said the planned 18-day strike by nearly 48,000 members would be suspended while the ‌tentative agreement is put to a vote between May ⁠22 and 27.

The benchmark KOSPI was up 4.6% as of 0005 GMT.