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S.Korea shares hit by Samsung Electronics woes, won drops
October 11, 2016 / 2:26 AM / a year ago

S.Korea shares hit by Samsung Electronics woes, won drops

* Samsung Electronics falls as much as 5 pct
    * Won drops on dlr strength ahead of Sept Fed minutes

    SEOUL, Oct 11 (Reuters) - South Korean shares came under
early pressure again on Tuesday on an extended selloff of market
heavyweight Samsung Electronics Co Ltd after it
announced it would halt Galaxy Note 7 sales globally as it
probes reports of fires. 
    The Korea Composite Stock Price Index (KOSPI) was
down 0.4 percent at 2,048.29 points as of 0158 GMT.
    Shares of Samsung Electronics fell as much as 5 percent when
markets opened, touching their lowest level since Sept. 30,
   The world's top smartphone maker said it had asked all global
carriers to stop sales of the Note 7s and the exchange of
original devices for replacements, while it worked with
regulators to investigate new reports of the device catching
    "It is now key how quickly Samsung Electronics wraps up this
Note 7 issue, like coming up with a new smartphone model earlier
than expected," said Bae Sung-young, a stock analyst at Hyundai
    He added the KOSPI's losses were limited thanks to support
from gains on Wall Street. 
    Other Samsung Group shares were not affected by
the smartphone crisis. Samsung SDI Co Ltd rose 1.8
percent while Samsung SDS Co Ltd gained 0.3 percent.
    Offshore investors were poised to be sellers, offloading a
net 139.0 billion Korean won ($124.69 million) worth of KOSPI
shares near mid-session. 
    Advancers and decliners were almost even at 406 to 383.
    The South Korean won fell as the greenback
strengthened ahead of the release of U.S. Federal Reserve's
September policy meeting minutes later this week.
    The won stood at 1,115.8 against the dollar, down
a touch compared with Monday's close of 1,108.4.
    December futures on three-year treasury bonds shed
0.05 point to 110.59. 
                       0158 GMT    Prev close
 Dollar/won             1,115.8       1,108.4
 Yen/won             10.7321/90       10.6883
 *KTB futures            110.59        110.64
 KOSPI                 2,048.29      2,056.82
 * Front-month futures on three-year treasury bonds

 (Reporting by Dahee Kim; Editing by Shri Navaratnam)

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