Seoul shares edge lower, Samsung falls on U.S. verdict
* Samsung legal loss outweighs Europe, U.S. stimulus hopes
* Samsung Electronics shares fall 7 pct, wipe $12 bln off mkt value
* Hanwha rises after acquiring Germal solar group Q-Cells
SEOUL, Aug 27 (Reuters) - Seoul shares edged down in morning trade as investors shed Samsung group shares after Samsung Electronics' sweeping U.S. court loss to Apple Inc on Friday, offsetting stimulus hopes from Europe and the United States.
Samsung Electronics tumbled more than 7 percent as Apple's legal victory raised concerns about the South Korean firm's smartphone business, wiping $12 billion off its market value.
Other group companies included in Samsung's smartphone manufacturing value chain were also hit, with Samsung C&T Corp, Samsung Electro-Mechanics Co, and Samsung SDI Co all down 3 to 7 percent.
The Korea Composite Stock Price Index (KOSPI) ticked 0.25 percent lower at 1,914.96. points as at 0220 GMT. MSCI's broadest index of Asia-Pacific shares outside Japan edged down 0.2 percent in choppy trade.
"Many local shares are rising due to investor expectations for European and U.S. stimulus sparked last week, but it's not enough to overcome Samsung Group shares weighing after Samsung Electronics' court loss," said Kang Hyun-ki, analyst at IM Investment & Securities.
Samsung Engineering Co bucked the downward trend to rise nearly 3 percent as the South Korean builder sits apart from the smartphone business and does not own Samsung Elec stocks, analysts said.
Elsehwere, Hanwha Corp saw a slight gain of 0.8 percent in morning trade after it signed a contract to acquire insolvent solar cell group Q-Cells.
Gainers outnumbered decliners 402 to 383 on the main board, while the KOSPI 200 benchmark of core stocks was down 0.59 percent. The junior KOSDAQ edged 0.72 percent lower.
- Tweet this
- Share this
- Digg this