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Samsung Climbs to Record, Defying Sluggish Smartphone Market

  • Galaxy’s success and rising component prices underpin stock
  • Rally comes as new iPhones expected to debut in September

Samsung Electronics Co.’s shares surged to a new high as the Korean company kept up its winning streak, defying shaky global smartphone demand and competition from increasingly hard-charging Chinese rivals.

The success of the South Korean company’s latest flagship Galaxy phones have fueled a 30 percent rally this year, outpacing Apple Inc.’s roughly 4 percent gain. That ascent has held firm even as Apple prepares to introduce a new iPhone, one of the highlights of the industry calendar. The Korean company’s stock closed 4.7 percent higher at a record of 1,640,000 won.

Samsung has begun to outshine its U.S. rival in everything from market performance to top-line growth. Korea’s largest corporation reported second-quarter profit that exceeded projections, buoyed by strong sales of the Galaxy S7 and aggressive cost cuts. It’s benefited...