Samsung shares rise after new smartphones launch

Indo Asian News Service

Seoul, March 30 (IANS) South Korean tech giant Samsung Electronics recorded sharp gains in the Seoul stock exchange on Thursday after the launch of its new high-range Galaxy S8 and S8+ smartphones.

Shares of the South Korean company rose 1.6 per cent during the first hour and a half hours of trading, before slowing down, Efe news reported.

Samsung's shares rose 0.53 per cent, touching 2,101,000 won ($1,881).

On Wednesday, the South Korean company unveiled its new phones, which have a screen size of 5.8 inches in S8 and 6.2 inches in S8+, and also features the debut of the Bixby voice assistant.

The interface uses an artificial intelligence that learns and evolves with use, and provides for voice control for most functions.

The much awaited launch of the Galaxy S8 is an important step for the company following the debacle of its Galaxy Note 7 phablet - a cross between a smartphone and a tablet - which had to be recalled from the market over exploding batteries.

The Note 7 fiasco cost Samsung 6.1 trillion won in operational losses, besides affecting consumer confidence.

The new phones are expected to hit the stores on April 21.

--IANS

ksk/vt