Apple shares down after iPhone launch

<p>Shares in Apple are down after the new iPhone was revealed.</p>

The share price of Apple has taken a hit after the official launch of its new iPhones.

Earlier in the week, the company revealed its iPhone 5S and the budget option, the iPhone 5C, but investors are concerned about the firm's ability to take advantage of emerging markets.

Analysts suggested that the high price of the two models could put consumers off and the share price of the firm dropped by five per cent.

"Investors were put off that Apple's price point didn't go low enough to attract a new market," said Mark Luschini, chief investment strategist at Janney Montgomery Scott.

He pointed out Apple's devices are still priced at the top end of the market, while competitors such as Samsung have a range of smartphones at different price points.

However, the share price of Apple has bounced back slightly during trading on the Nasdaq today (September 12th).

At 14:58 BST this afternoon, its stocks were selling for 0.4 per cent higher than when the index opened at the start of the day.

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