Samsung shares see major dip

<p>Shares in Samsung are down by six per cent today.</p>

The share price of Samsung Electronics is down by more than six per cent today (June 7th) after JPMorgan Chase cut its profit estimates for the company.

In early trade in Seoul, stocks dropped to a four-month low of 1,438,000 South Korean won on the back of the news.

Weak demand from Europe for the flagship Samsung smartphone, the S4, was blamed by JPMorgan Chase for the cut in its profit estimates.

Investors reacted negatively to that move by selling their shares in the firm, which is one of the biggest technology companies in the world.

JPMorgan analysts were quoted as saying by Bloomberg news agency that the S4's "peak-quarter number seems way below our previous estimates" and the body slashed its 2013 earnings forecast for Samsung by nine per cent.

Samsung recently won a trade patent case with rival smartphone manufacturer Apple, with the two firms locked in a battle over the top phone, with the Galaxy S taking on the iPhone.

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