Samsung shares down to 9-month low over weak outlook

Shares in Samsung Electronics Co Ltd slumped 3 percent to nine-month lows on Wednesday, as investors braced for weaker-than-expected earnings from the smartphone maker for the April-to-June period.

Shinhan Investment Corp 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.

[caption id="attachment_906675" align="alignleft" width="380"] Samsung logo is seen in this file photo. AFP[/caption]

Samsung Electronics shares were set to fall for a sixth consecutive session. They were down 3.1 percent to 1,257,000 Korean won ($1,100) as of 11:43 p.m. ET, underperforming the wider market's 0.2 percent drop. This was their lowest level since September 11 last year.

Reuters