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Samsung shares fall

Weaker than expected earnings announcement

Shares in Samsung fell three percent as investors braced for weaker-than-expected earnings from the smartphone maker for the April-to-June period.

Samsung shares were set to fall for a sixth consecutive session. They were down 3.1 percent to $1,100 underperforming the wider market's 0.2 percent drop. This was their lowest level since September 11 last year. A number of brokerages cut their target price for the South Korean technology giant, and predicted smartphone shipments and earnings would be less than it had previously expected.

While rival Apple shares have also been tumbling, Samsung had been doing much better. However it is thought that the saturation of the smartphone market, coupled with the still sluggish economic figures, are biting it too.

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