Samsung shares flat after Galaxy Note8 launch
Market sentiment for Samsung was also weighed by uncertainty over the fate of Lee Jae-Yong, the heir to the Samsung empire, whose verdict in a corruption trial is due on Friday. Photo: Reuters
SEOUL — Shares in Samsung Electronics ended almost unchanged on Thursday (Aug 24), with analysts underwhelmed by its new Galaxy Note8 device and the company's de-facto head facing the verdict in his corruption trial.
The world's largest smartphone maker rose as much as 0.29 per cent in mid-afternoon trading before receding to close at 2,376,000 won, up just 0.08 per cent.
Samsung unveiled the Galaxy Note8 "phablet", which combines features of smartphones and tablets, in New York as it seeks mount a renewed challenge to Apple and its forthcoming iPhone 8, and leave behind last year's exploding batteries debacle in the Note7.
The latest handset features include dual cameras on the back with improved image capabilities, and a signature "S Pen" for drawing or writing on touch screens.
But Lee Kyu-Ha, an analyst at NH Investment & Securities said it was "somewhat disappointing" that aside from the dual cameras, the Note8 had "no significant change" from the Galaxy S8 smartphone.
Market sentiment was also weighed by uncertainty over the fate of Lee Jae-Yong, the heir to the Samsung empire, whose verdict in a corruption trial is due on Friday.
Prosecutors have demanded a 12-year jail sentence for Lee and up to 10 years for four other former top Samsung executives. AFP
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