‘Apple concept stocks’ decline

Staff writer, with CNA

Thu, Sep 12, 2013 - Page 14

Shares of local electronics makers in the Apple Inc supply chain came under pressure yesterday, although the US-based consumer electronics giant launched two new iPhone models targeting both the high and low-end markets, dealers said.

Selling in these “Apple concept stocks” was triggered by a 2.3 percent decline in Apple shares on Wall Street overnight after the company unveiled its new devices, dealers said.

The broader market remained stuck in a trading range amid cautious sentiment toward the local political climate after the ruling Chinese Nationalist Party (KMT) revoked the membership of Legislative Yuan Speaker Wang Jin-pyng (王金平) after accusations of improper lobbying.

Shares of smartphone camera lens supplier Largan Precision Co (大立光) fell 6.44 percent to close at NT$945, off a low of NT$940, while those of Hon Hai Precision Industry Co (鴻海精密), which assembles iPhones and iPads for Apple, ended down 1.30 percent at NT$76, off a low of NT$74.70.

Shares of flexible printed circuit board supplier Flexium Interconnect Inc (台郡) dropped 7 percent to NT$102.

In comparison, the TAIEX closed up 0.22 points at 8,208.99.