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.

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.

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.

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.

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.

Shares of Samsung Electronics soared on Monday, the first trading day since the chipmaker announced a multibillion-dollar share buyback on Friday.

Retail investors scooped up 2.33 trillion won (US$1.67 billion) worth of Samsung Electronics stocks since the U.S. presidential election, the country's main bourse said Sunday. Individuals purchased the chipmaker on bargain hunting for eight trading sessions through Nov.