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Samsung Electronics drops 3 percent on mobile growth worries

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(Globalpost/GlobalPost)

SEOUL (Reuters) - Shares of Samsung Electronics Co Ltd <005930.KS> extended losses and fell more than 3 percent on Tuesday as concerns over weakening sales growth of its flagship Galaxy S4 smartphones chilled investor sentiment.

By 0315 GMT, Samsung Electronics fell 3.02 percent to a four-month low of 1.382 million won ($1,200), falling for a fourth consecutive session.

The stock has tumbled around 9 percent since last Friday after two brokerages slashed their earnings forecasts and target prices, sparking jitters that Samsung's mobile business margin will contract due to growing sales of cheap smartphones and weaker than expected sales of the high-end S4.

($1 = 1127.3750 Korean won)

(Reporting by Miyoung Kim and Jungyoun Park)

http://www.globalpost.com/dispatch/news/thomson-reuters/130611/samsung-electronics-drops-3-percent-mobile-growth-worries