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Samsung sells shares worth over $1 billion through major investment giants

Samsung sells shares worth over $1 billion through major investment giants

Earlier in the day, Koomin Bank sold $1.1 billion worth of Samsung Electronics (SSNLF) Co. Ltd. shares.

According to the term sheet, 19.9 million shares were placed up for sale. Bookrunners for sale were Goldman Sachs (GS) and JPMorgan (JPM). Samsung Electronics’ stock in South Korea increased by 0.85%.

In the broader market, the company’s shares fell 0.9 percent. Samsung has paid a portion of more than $10 billion in inheritance tax by selling shares in connected companies.

Ahead of the partial restoration of stock trading on the Moscow Exchange, Hong Kong shares of Russian aluminum manufacturer OK Rusal, one of the few Russia-related equities still traded, fell.

The MOEX Russian index, which is based on the rouble, had rebounded 20% after falling 33% the day before.

As US President Joe Biden headed in Brussels for NATO meetings, the battle continued in Ukraine.

Global banks like Citigroup Inc. (C) and Societe Generale (SCGLY) are under pressure from rivals and funds to pledge to maintain as custodian banks in Russia, as competitors and funds fear losing services vital to future investment in the nation.

In exchange for a charge, custodian banks have divisions that look after clients’ assets. Citigroup executives stated that they would continue to serve clients as long as sanctions allowed.

Both banks have stated that they will assist their clients with the difficult work of unwinding or lowering Russian holdings and that withdrawals will take time.

As investors and traders analyzed the newest developments in the Ukraine crisis, Asian stocks dipped on Thursday, but the sell-off in US Treasuries stalled, and oil prices increased.

China’s stock markets opened lower, with the Hang Seng Index in Hong Kong down 0.9 percent and the bluechip index on the mainland down 0.7 percent.

Policymakers at the Federal Reserve signaled on Wednesday that they are prepared to take more strong steps to bring excessively high inflation under control.

Biden’s visit might also highlight a disagreement with European partners, some of whom rely heavily on Russian oil and gas.

More at: FXreviewtrading.com

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