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Samsung shares drop

Samsung Electronics has seen its share market plummet to the lowest level since September 2012.

Picture: AFP.

SEOUL - Shares in Samsung Electronics Co Ltd slumped 3 percent to nine-month lows on Wednesday, as investors braced for weaker-than-expected earnings from the smartphone maker for the April-to-June period.

Shinhan Investment Corp joined a number of brokerages in cutting its target price for the South Korean technology giant, forecasting smartphone shipments and earnings would be less than it had previously expected.

Samsung Electronics shares were set to fall for a sixth consecutive session. They were down 3.1 percent to $1,100 as of 11:43 pm, under-performing the wider market's 0.2 percent drop. This was their lowest level since September 11 last year.