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Korea shares nearly flat as Samsung Elec weighs
July 2, 2012 / 6:11 AM / 5 years ago

Korea shares nearly flat as Samsung Elec weighs

SEOUL, July 2 (Reuters) - Shares in South Korea gave up modest early gains to close nearly flat on Monday, weighed down by losses in index heavyweight Samsung Electronics and as investors fretted about the lack of details on an agreement by European leaders to directly aid struggling banks and ease debt pressure on Spain and Italy.

Samsung Electronics, which accounts for 17 percent of the KOSPI’s total market capitalization, fell 2.5 percent as analysts cited worries of disappointing smartphone sales in the wake of a downturn in the global economy.

The Korea Composite Stock Price Index fell 0.13 percent to close at 1,851.65 points. (Reporting by Joonhee Yu; Editing by Matt Driskill)

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