Samsung shares fall after Galaxy S IV release
SEOUL, AFPSEOUL -- Shares in Samsung Electronics fell 2.63 percent in Seoul on Friday, following the launch of the company's latest flagship smartphone in New York City.
March 16, 2013, 12:06 am TWN
Samsung closed at 1,480,000 won on profit-taking led by foreign investors, with analysts saying the release of the Galaxy S IV had already been factored in and investors were concerned the share price had hit a ceiling.
“It's not because the Galaxy S IV failed to meet expectations. It's just that investors feel technical smartphone upgrades are flattening out,” Bae Seung-young of Hyundai Securities told AFP.
The broader market was down 0.78 percent.
Kang Hyun-chul of Woori Securities said foreign investors had dumped Samsung to lock on gains, adding IT companies tended to adjust downward following the release of new products.
The Galaxy S IV, which will roll out in 155 countries in late April, has a high-definition, 5-inch (12.7-centimeter) screen, enhanced picture-taking capabilities and the capacity to translate to and from nine languages.