Samsung Electronics Co. shares surged after South Korea’s biggest company announced a surprise plan to buy back about 10 trillion won ($7.2 billion) of its own stock over the next year. Most Read from BloombergSaudi Neom Gets $3 Billion Loan Guarantee From Italy Export Credit Agency SaceThe Urban-Rural Divide Over Highway Expansion and EmissionsThe stock rose as much as 7.

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 shares surge on a $7.2 billion buyback plan. Analysts view it as a catalyst for growth, supporting stock amid AI competition.