April 17, 2024
Stocks & Bonds
US ambassador’s remarks pull down LG Uplus shares
LG Uplus shares fell on June 7, following remarks by the US ambassador on network security.
US Ambassador to South Korea Harry Harris warned on June 5 that it was important for countries to work with reliable 5G equipment suppliers, looking beyond “short-term” cost-cutting benefits.
The ambassador did not specify countries or vendors but his remarks came amid a trade war between US and China. The US government last month placed Huawei Technologies on a list of firms that need special permission to purchase US components and technology and urged its allies to join the campaign against Huawei.
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LG Uplus, Korea‘s No. 3 mobile carrier, has been working with Chinese network manufacturer Huawei Technologies to deploy a 5G cellular network in South Korea.
Shares in LG Uplus fell more than 3 percent in morning trade on June 7, while the benchmark Kospi edged down 0.13 percent.
The stock markets were closed for Memorial Day on June 6.
By Park Ga-young (gypark@heraldcorp.com)
