Samsung Electronics shares touch near 2-month low on Note 7 worries

  • Shares of tech giant Samsung Electronics fell to their lowest level in nearly two months on Monday, hurt by worries the fallout from a recall of its Galaxy Note 7 smartphone may deal a bigger blow than anticipated.
  • Investors have wiped off 13 trillion won (S$16 billion) from Samsung’s market capitalisation as of early Monday, with the firm’s common shares down 5.3 per cent as of 0058 GMT, underperforming a 1.4 per cent fall for the broader market and touching their lowest level since July 15.
  • The South Korean firm on Saturday urged all customers affected by the recall, which the firm voluntarily initiated on Sept 2 due to faulty batteries causing Note 7 phones to catch fire, to turn of their phones.
  • “Uncertainties are being amplified,” HMC Investment analyst Greg Roh said. “It might cost the company more than first expected to deal with the current problems.”

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