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S. Korean shares open lower on Samsung woes

All News 09:21 October 12, 2016

SEOUL, Oct. 12 (Yonhap) -- South Korean shares opened lower Wednesday as market kingpin Samsung Electronics continued to suffer a heavy loss due to its decision to halt global sales of its latest smartphone earlier in the week.

The benchmark Korea Composite Stock Price Index (KOSPI) lost 2.73 points, or 0.13 percent, to 2,029.20 in the first 15 minutes of trading.

The weak start also followed overnight losses on Wall Street. The Dow Jones industrial average plunged 1.09 percent to 18,128.66 on Tuesday (New York time).

Samsung Electronics plunged 2.91 percent, marking a third consecutive session of drop after reaching a record high of 1,706,000 won (US$1,517.66) on Friday.

Such a sharp and continuous drop was apparently triggered by its decision to halt global sales of the Galaxy Note 7 smartphone, which had been placed under a global recall for battery-related problems.

Others traded mixed.

Top automaker Hyundai Motor slipped 0.37 percent, while top portal operator Naver spiked 1.28 percent.

Cosmetics giant AmorePacific added 0.54 percent, but leading chemicals producer LG Chemical shed 0.43 percent.

The local currency was trading at 1,124.05 won against the U.S. dollar, down 3.65 won from the previous session's close.


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