ASIA MARKETS: Asian Markets Get Boost From Apple's Strong Earnings

By Kenan Machado Features Dow Jones Newswires

Apple suppliers listed in Taiwan, Hong Kong post gains

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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 (2317.TW) climbing 1.3% and lens maker Largan Precision (3008.TW) jumping 3.7% to another record high.

Apple's (AAPL) 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 was also strong, with Apple audio supplier AAC Technologies (2018.HK) jumping 5% and Sunny Optical (2382.HK) gaining 3.5%. The index, which has gained in 15 of the last 17 sessions, rose 0.5% in early trading.

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Gains were more modest elsewhere, with Japan's Nikkei 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 Yen110.50.

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 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 (BHP.AU) , a major mining, declined 2% while oil firm Santos (SSLTY) dropped 1.5% in declines that Ric Spooner at CMC Markets chalked up to profit-taking.

(END) Dow Jones Newswires

August 01, 2017 23:04 ET (03:04 GMT)