Taiwan Stocks Surge on iPhone Expectations

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copyright Ken Teegardin, www.SeniorLiving.Org

As Taiwan is home to leading suppliers for Apple, sales of the iPhone 7 in its first few days since pre-orders began September 9 lifted the Taiwan Stock Exchange today. The TAIEX was up 2.81% to 9,152.88 points, its largest single-day gain this month. It also brought the TAIEX back above 9,000. The second best day of September so far was the 5th, when the index rose 102 points (+1.14%). The Taiwan dollar also rose slightly against the US dollar to 31.435.

Despite a strong start to the month, the market slid in five consecutive sessions prior to the four-day Mid-Autumn Festival holiday.

Other markets around East Asia also saw gains, with Shanghai, Hong Kong, and Japan all rising by a lesser extent as of the TAIEX’s 1:30 close.

Apple suppliers Hon Hai Precision Industry, Foxconn, Largan Precision, Primax Electronics, and Catcher Technology all gained today, up 3.88%, 6.83%, 5.7%, 4.14%, and 7.14%, respectively.

Other major tech stocks seeing significant gains today include Taiwan Semiconductor Manufacturing (5.19%), Micro-Star International (7.47%), ASUSTeK (4.29%), HTC (9.96%), and Quanta Computer (5.73%). Financial companies saw more modest gains in the 1-2% range.

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