Samsung touches 4-month low as Asia technology stocks slip

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Samsung touches 4-month low as Asia technology stocks slip
Samsung touches 4-month low as Asia technology stocks slip


Samsung Electronics shares touched the lowest point in more than four months amid a sell-off in technology stocks across Asia.

The South Korean conglomerate’s stock fell as much as 1.7 per cent on Thursday, hitting its lowest since September, before pulling back to be down 0.8 per cent on the day. The move came two days after the company’s forecast for quarterly earnings missed analyst expectations.

Chinese tech giant Tencent was among the biggest decliners in Hong Kong on Thursday, with the Hang Seng heavyweight down 2.2 per cent and pulling further from Tuesday’s record intraday high.

Also in Hong Kong, China’s Lenovo Group was off 1.5 per cent as the tech segment dipped 1.1 per cent, dragging on the broader Hang Seng index.

In Taiwan, key Apple chip supplier Taiwan Semiconductor Manufacturing Co was off 1.3 per cent and Compal Electronics was down 2.4 per cent.

The moves came after Wall Street notched its first daily fall of 2018.

Copyright
The Financial Times Limited 2018. All rights reserved.



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