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Samsung shares fall after it sues Huawei over patents Samsung shares fall after it sues Huawei over patents
(about 4 hours later)
Shares in Samsung Electronics are falling after the smartphone giant sued rival Huawei in multiple courts in China over alleged patent infringement. Shares in Samsung Electronics have dropped after the smartphone giant sued rival Huawei in multiple courts in China over alleged patent infringement.
They're down by 2% in Seoul. The benchmark Kospi is trading flat. They closed down 1.8% in Seoul.
The country's benchmark Kospi index wrapped the day flat at 2,010.34.
The two companies are already entangled in several legal battles over the use of proprietary technology, including fourth-generation (4G) cellular technology, operating systems and user interface software.The two companies are already entangled in several legal battles over the use of proprietary technology, including fourth-generation (4G) cellular technology, operating systems and user interface software.
Huawei sued Samsung in the US in May.Huawei sued Samsung in the US in May.
The rest of Asia's share market are mostly lower on Friday due to a tepid earnings season so far on Wall Street.The rest of Asia's share market are mostly lower on Friday due to a tepid earnings season so far on Wall Street.
Japan's Nikkei and the broader Topix are both 0.8% lower in Tokyo. Japan's Nikkei 225 closed 1.1% lower at 16,627.25 points.
However Nintendo shares have outperformed the broader market, jumping by nearly 5% on news it's finally launched the wildly popular Pokemon Go in Japan. Nintendo shares ended the day 0.8% higher after earlier jumping by nearly 5% on news it's finally launched the wildly popular Pokemon Go in Japan.
Australian shares are down 0.3% and New Zealand stocks are marginally higher by 0.1%. Australian shares finished down 0.3% at 5,498.20.
Hong Kong's Hang Seng and the Shanghai Composite are both 0.4% lower. Hong Kong's Hang Seng was 0.4% lower in afternoon trade at 21,914.62 while the Shanghai Composite closed 0.9% down at 3,012.43 points.