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Aug. 1, 2017, 11:04 p.m. EDT

Asian markets get boost from Apple’s strong earnings

Apple suppliers listed in Taiwan, Hong Kong post gains

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By Kenan Machado


Reuters
Employees work inside a Hon Hai Precision Industry Co. — aka Foxconn — factory in Longhua, China. Hon Hai shares rose more than 1% Wednesday.

Asian equities continued to rise Wednesday, helped by strong results from Apple, though Sydney shares eased as commodities prices pulled back.

The stock market in Taiwan, home to a number of Apple’s suppliers, was the strongest performer in the region. That market’s strength in the past year has been in large part Apple-driven, thanks to the company’s results as well as expectations about how its coming iPhone will fare.

The Taiex   rose 0.7% with iPhone assembler Hon Hai /zigman2/quotes/207256514/delayed TW:2317 +1.98%   climbing 1.3% and lens maker Largan Precision /zigman2/quotes/210444196/delayed TW:3008 +0.43%   jumping 3.7% to another record high.

Apple’s /zigman2/quotes/202934861/composite AAPL -4.75%  results for the June quarter released late Tuesday beat market expectations. Its shares ended after-hours trade up 6.3% at $159.50, which would be a fresh record high if maintained during regular trading and put the company’s market value at $830 billion.

Hong Kong’s Hang Seng Index /zigman2/quotes/210598030/delayed HK:HSI +0.27%   was also strong, with Apple audio supplier AAC Technologies /zigman2/quotes/201441510/delayed HK:2018 +2.15%   jumping 5% and Sunny Optical /zigman2/quotes/206687505/delayed HK:2382 +4.14%   gaining 3.5%. The index, which has gained in 15 of the last 17 sessions, rose 0.5% in early trading.

Gains were more modest elsewhere, with Japan’s Nikkei /zigman2/quotes/210597971/delayed JP:NIK -3.34%   up 0.3% despite good news on the earnings front there. Meanwhile, the yen eased a little, with the dollar at session highs of around ¥110.50.

But a pullback in commodities prices crimped recent gains in Australia, where the stock market is heavily exposed to the resources sector. The S&P/ASX 200 /zigman2/quotes/210598100/delayed AU:XJO -1.60%   fell 0.5% amid a 2% drop overnight in oil prices and a further near-1% drop in Asian trade after a bearish crude inventory reading from the American Petroleum Institute.

BHP Billiton /zigman2/quotes/201448516/delayed AU:BHP -2.05%  , a major mining, declined 2% while oil firm Santos /zigman2/quotes/207349564/delayed AU:STO -2.04%   dropped 1.5% in declines that Ric Spooner at CMC Markets chalked up to profit-taking.

/zigman2/quotes/207256514/delayed
TW : Taiwan
NT$ 82.30
+1.60 +1.98%
Volume: 47.21M
Feb. 25, 2020 1:30p
P/E Ratio
8.88
Dividend Yield
4.86%
Market Cap
NT$1118.62 billion
Rev. per Employee
NT$8.60M
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/zigman2/quotes/210444196/delayed
TW : Taiwan
NT$ 4,630.00
+20.00 +0.43%
Volume: 492,128
Feb. 25, 2020 1:30p
P/E Ratio
23.46
Dividend Yield
1.47%
Market Cap
NT$618.39 billion
Rev. per Employee
N/A
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/zigman2/quotes/202934861/composite
US : U.S.: Nasdaq
$ 298.18
-14.87 -4.75%
Volume: 55.55M
Feb. 24, 2020 4:00p
P/E Ratio
23.55
Dividend Yield
1.03%
Market Cap
$1304.68 billion
Rev. per Employee
$1.98M
loading...
/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
26,893.23
+72.35 +0.27%
Volume: 1.92M
Feb. 25, 2020 4:08p
loading...
/zigman2/quotes/201441510/delayed
HK : Hong Kong
HK$ 57.00
+1.20 +2.15%
Volume: 8.70M
Feb. 25, 2020 4:08p
P/E Ratio
21.74
Dividend Yield
2.51%
Market Cap
HK$67.43 billion
Rev. per Employee
HK$411,637
loading...
/zigman2/quotes/206687505/delayed
HK : Hong Kong
HK$ 133.30
+5.30 +4.14%
Volume: 12.59M
Feb. 25, 2020 4:08p
P/E Ratio
46.36
Dividend Yield
0.50%
Market Cap
HK$140.40 billion
Rev. per Employee
HK$1.08M
loading...
/zigman2/quotes/210597971/delayed
JP : Nikkei
22,605.41
-781.33 -3.34%
Volume: 0.00
Feb. 25, 2020 3:15p
loading...
/zigman2/quotes/210598100/delayed
AU : S&P ASX
6,866.60
-111.70 -1.60%
Volume: 1.04M
Feb. 25, 2020 5:32p
loading...
/zigman2/quotes/201448516/delayed
AU : Australia: Sydney
$ 36.33
-0.76 -2.05%
Volume: 8.33M
Feb. 25, 2020 4:10p
P/E Ratio
13.59
Dividend Yield
5.97%
Market Cap
$187.55 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/207349564/delayed
AU : Australia: Sydney
$ 7.43
-0.15 -2.04%
Volume: 6.14M
Feb. 25, 2020 4:10p
P/E Ratio
16.12
Dividend Yield
2.24%
Market Cap
$15.92 billion
Rev. per Employee
$2.29M
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