Shares in Samsung C&T, Life extend losses after heir Jay Y. Lee jailed (updated)

Samsung Life Insurance

19/01/2021 01:04

SEOUL, Jan 19 (Reuters) - Shares in Samsung Electronics
 005930.KS  affiliates Samsung C&T Corp  028260.KS  and Samsung
Life Insurance  032830.KS  fell on Tuesday, extending losses
from the previous day after Samsung Electronics Vice Chairman
Jay Y. Lee received a two-and-a-half year jail term.
 urn:newsml:reuters.com:*:nL1N2JT01C
    Some investors sold after the sentence dashed hopes for more
generous returns if the court had ruled in Lee's favour,
analysts said.
    There were expectations that some Samsung affiliates would
reward shareholders to "try to create a good corporate image" in
response to a lenient sentence, said Park Sung-soon, an analyst
at Cape Investment & Securities. 
    "There is concern that what the market expected will no
longer be realized, with vice chairman Jay Y. Lee detained,"
Park said. 
    Shares in Samsung C&T fell as much as 4.2% in morning trade,
while Samsung Life fell as much as 2.4%, compared to a 0.8% rise
in the wider market  .KS11  as of 0046 GMT. 

 (Reporting by Joyce Lee and Heekyong Yang; Editing by Himani
Sarkar and Stephen Coates)
 ((jungyoon.lee@tr.com; +82 2 6936 1467;))