November 21, 2024

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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. 

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)