SEOUL: Shares in Samsung Electronics slumped 3% to nine-month lows on Wednesday, as investors braced for weaker-than-expected earnings the smartphone maker for the April-to-June period.
Shinhan Investment joined a number of brokerages in cutting its target price for the South Korean technology giant, forecasting smartphone shipments and earnings would be less than it had previously expected.
Samsung Electronics shares were set to fall for a sixth consecutive session. They were down 3.1% to 1,257,000 Korean won ($1,100) as of 0343 GMT, underperforming the wider market's 0.2% drop. This was their lowest level since September 11 last year.
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