Samsung shares slump as Asian markets hold
SAMSUNG Electronics plunged 8 percent yesterday after it called an unprecedented halt to sales of its troubled Galaxy Note 7 handset, while most regional markets struggled to maintain an early energyfuelled rally.
The world’s biggest smartphone maker dragged Seoul’s KOSPI down 1.2pc after it called a halt to worldwide sales.
The issue weighed on tech shares in Asia with Lee Kyoung Min, a senior analyst for global investment strategy with Daishin Securities in Seoul, telling Bloomberg News that “uncertainty surrounding the informationtechnology industry is spreading”.
The KOSPI was among the big losers in the region, where the morning saw every market up as a rally in oil prices propelled energy firms.
At the end of the trading day Tokyo was 1pc higher, while Shanghai closed up 0.6pc.
But Hong Kong reversed a morning rally to end 1.3pc lower, with developers also hit by measures in some Chinese cities aimed at cooling property prices. –