Sam­sung shares slump as Asian markets hold

The Myanmar Times - - International Business -

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. –

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