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Samsung shares rise as Apple stock hits new low

Samsung saw its stock rise after the judge presiding over its patent lawsuit with Apple slashed the $1.05 billion (£700 million) reward by nearly half to $598,908,892 (£398 million) and ordered a new trial be launched.

Shares in the South Korean firm were boosted by 1.1 per cent following the news, with stocks closing at 882,000 won (£537) on Monday.

Judge Lucy Koh’s decision was reached after she found the original damage award to have been “based on legally impermissible theory,” which, in addition to reducing the amount it must pay Apple, entitles Samsung to a new trial for some of its gadgets.

Meanwhile, Apple’s shares are continuing to plummet. Last week, the company’s stock reached a its lowest value since the decline that has followed its peak in September 2012. Amidst concerns that it is losing its edge to Samsung, Apple stock has dropped nearly 40 per cent following the release of the iPhone 5.