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 Co. plans to buy back about 10 trillion won ($7.2 billion) of its own stock over the next year, putting in motion one of the larger shareholder return programs in its history.

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.