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Seoul: Stocks end firmer as Samsung Electronics recoups some losses, won rises

Monday, October 10, 2016 - 14:59
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[SEOUL] South Korean shares ended slightly higher on Monday, shaking off a sharp tumble in market heavyweight Samsung Electronics Co Ltd amid a deepening phone recall crisis.

The Korea Composite Stock Price Index (Kospi) closed up 0.2 per cent at 2,056.82 points.

Samsung Electronics fell as much as 4.6 per cent at one point, before ending 1.5 per cent lower.

The company has suspended production of its flagship Galaxy Note 7 smartphones, a source said on Monday, after reports of fires in replacement devices added to the tech giant's worst ever recall crisis.

The South Korean won strengthened as Samsung Electronics shares clawed back some ground.

The won was quoted at 1,108.5 to the US dollar at the conclusion of onshore trade, up 0.6 per cent compared to Friday's close of 1,115.5.

REUTERS