[THE INVESTOR] South Korean shares fell slightly in late morning on Oct. 12, as Samsung Electronics discontinued its smartphone Galaxy Note 7.

The benchmark KOSPI lost 0.9 point, or 0.04 percent, to 2,031.03 as of 11:20 a.m.

The index opened on a weaker note, but nearly recovered earlier losses as institutional investors turned to buying.

Institutions were net buyers, scooping up 384.2 billion won (US$342 million), while both foreigners and retail investors offloaded more local shares than they purchased.

Samsung Electronics plunged 2.14 percent, extending its losing streak to a third consecutive session after reaching a record high of 1,706,000 won on Oct. 7.



On Tuesday, Samsung Electronics shares tumbled 8.04 percent, the steepest drop in nearly eight years, after the company said it will halt global sales of the Galaxy Note 7 smartphone due to battery-related problems.

Most other large caps were in positive terrain.

Top automaker Hyundai Motor spiked 1.86 percent, with its smaller affiliate Kia Motors adding 1.31 percent.

Global steelmaker POSCO advanced 0.43 percent, while local industry leader LG Chemical gained 1.06 percent.

The local currency was trading at 1,123.35 won against the US greenback, down 2.95 won from the previous session’s close.

(theinvestor@heraldcorp.com)