Apple's shares fall on emerging market concerns

There are worries the new cheaper iPhone may still be

relatively expensive for emerging market buyers

 

Apple's shares fell more than 5% as investors worried that the firm's latest iPhone models may not help it increase its share in emerging markets.

It launched two models on Tuesday, the iPhone 5S and a cheaper iPhone 5C.
But the basic 5C model, with 16 gigabytes of storage, has been priced at £469 ($740), which analysts said was still expensive for emerging markets.
Apple has found it tough to boost its share those markets against competition from firms such as Samsung and Huawei.
"Investors were put off that Apple's price point didn't go low enough to attract a new market," said Mark Luschini, chief investment strategist at Janney Montgomery Scott.
"It doesn't have the same range in price that Apple's competitors have," he added.
Apple shares closed at $467.7 on Wednesday, down by 5.4%.