South Korea's stock market soars as Samsung union calls off planned strike

South Korea's stock market soars as Samsung union calls off planned strike South Korea's stock market has rallied following a last-minute deal to avert a strike that had threatened to disrupt the global supply of memory chips. Samsung Electronics and its union on Wednesday night announced a tentative agreement to settle a months-long standoff over pay, avoiding a planned 18-day walkout by some 48,000 employees. South Korea's benchmark KOSPI on Thursday soared more than 8 percent, continuing a remarkable run that has seen the index rise more than 80 percent since the start of the year. Samsung Electronics, South Korea's biggest firm by market capitalisation, jumped more than 7.5 percent. SK Hynix, the main rival of Samsung Electronics in memory chips, surged more than 11 percent.