Shares in Apple suppliers across Asia promptly crashed after the launch of the latest iPhone
Getty/Mike Powell
Major suppliers for iPhone parts are tanking in Asian trade.
It follows the unveiling of Apple’s latest model iPhones overnight — the iPhone 8 and iPhone 8 Plus as well as the iPhone X.
The South China Morning Post (SCMP) reported that a number of supplier companies on the Shengzhen and Shanghai stock exchanges saw their share prices fall today.
Zhejiang Quartz Crystal Optoelectronic Technology — a company which supplies optical filters for the iPhone camera — led the falls, dipping by as much as 9% in the morning session.
The stock was bid up in the week leading up to the launch, but a short time ago it was down more than 6% in afternoon trade:
Investing.com
Other Chinese suppliers that dipped following Apple’s announcement ranged from acoustic component-makers to touch-panel manufacturers.
The SCMP reported that losses weren’t restricted to companies from mainland China – component manufacturers in Hong Kong and Taiwan were also lower.
Taiwan company Pegatron Corporation, which assembles the iPhone, a short time ago was down more than 3%.
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Rival manufacturer Foxconn, which is also listed in Taiwan and made news in July when it announced plans to build a $US10 billion factory in the US, was down by 0.9%.
Hong Kong-listed Cowell E Holdings, which makes camera parts for both Apple and Samsung phones, a short time ago was almost 6% lower.
Following the launch of the latest model iPhone, the reaction on US markets was minimal — Apple shares edged 0.4% lower on a broadly positive day for US stocks.
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