Taiwan's Stock Market Surges Following Reports Apple Supply-Chain Manufacturers Told To Expect Massive iPhone 7 Output
Taiwan’s stock exchange jumped higher on Monday as the country’s main index, the TSEC, gained 2.62 percent.
Investors were buying high tech stocks and key members of Apple Inc. (NASDAQ: AAPL)’s supply chain after Taiwan’s Economic Daily said that suppliers to the iPhone 7 device were told to prepare for a total production run of 72 to 78 million smartphones – the highest production target in around two years.
Barron’s Asia, citing the report, noted that Hon Hai Precision Technology, also known as Foxconn will remain Apple’s key assembler for the iPhone.
Hon Hai Precision’s Taiwan-listed stock gained 4.59 percent early Monday.
Of note, Taiwan Semiconductor Mfg. Co. Ltd. (ADR) (NYSE: TSM) saw its stock trade higher by nearly 4 percent early Monday morning. The stock’s Taiwan-listed issue gained 3.70 percent during its trading session.
Other Taiwan-listed names also recorded large gains. Catcher Technology and Pegatron both gained nearly 10 percent, while Largan Precision gained 2.46 percent.
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