Apple suppliers listed in Taiwan, Hong Kong post gains
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.
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)