SEOUL, KOREA - The share price of Samsung Electronics fell by a large margin on June 7. Despite the favorable news that Samsung may win the patent war against Apple Inc., Samsung's share price declined 6.18 percent to 1,427,000 won after JPMorgan Chase cut its profit estimates. This is the largest fall in nine months when the company was defeated on August 27 (-7.45%) in a patent lawsuit with Apple.
On the day, the total sum of Samsung shares sold off by foreign investors was 662.2 billion won, accounting for more than 70 percent of all net selling volume of 931.9 billion won.
As the sentiment spread to other IT shares, the prices of Samsung Electro-Mechanics (-5.37%), LG Electronics (-2.19%), and LG Display (-1.93%) moved to the south. The KOSPI index has dropped 35.34 points (-1.80%) to 1,923.84, falling below the 1,930 level in six weeks.
On June 7, JPMorgan cut its share-price estimate for Samsung by 9.5 percent to 1.9 million won and lowered its 2013 earnings estimates by 9 percent.
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