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LG shares rise nearly 6% on back of hot-selling V20

[THE INVESTOR] LG Electronics’ shares rose to a high of 51,200 won on Oct. 10, up 5.79 percent, reflecting high expectations for its latest high-end V20 smartphone. 

The stock closed up 5.17 percent at 50,900 won on Monday.

Having long struggled in the uphill battle against its local rival Samsung Electronics and Apple, LG released the V20, fitted with a dual-lens camera, a secondary display, and a removable battery, on Sept. 29 in Seoul

 

Amid the ongoing battery crisis involving Samsung’s Galaxy Note 7, the V20 has been well received in the Korean market thanks to its outstanding camera and audio features.

LG reportedly sold 7,000 units of the premium handset per day in the first three days of this month, compared to 16,000 units of the Note 7, which went back on sale after Samsung had stopped selling the phone due to its explosive battery.

As Samsung has reportedly stopped the production of the Note 7, LG is expected to have a chance to increase its presence in the high-end smartphone market.

By Kim Young-won (wone0102@heraldcorp.com)
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