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Asia300

TSMC advances to all-time high on Apple share spike

Parts suppliers' stocks follow rise in iPhone maker

TSMC's advanced chip facility in the southern Taiwanese city of Tainan

HONG KONG -- Shares in Taiwan Semiconductor Mfg. (TSMC) surged Tuesday to a record high, triggered by the spikes in the share prices of Apple, the key partner of the world's largest contract chipmaker.

The TSMC share price at one point rose to 3.500 New Taiwan dollars, or 1.82%, to NT$195.00 on the Taiwan Stock Exchange. This broke the previous record marked on Oct. 25, 2016, and the highest level since the company's shares became listed on the stock exchange.

On Monday, investors snapped up Apple shares on the U.S. market after the stock ratings were raised.

Shares in other Apple parts suppliers in Asia also rallied on Tuesday.

On the Taiwan Stock Exchange, shares in optical lens manufacturer Largan Precision hit an all-time high and contract electronics maker Pegatron reached the highest level since last year.

Hon Hai Precision Industry, the world's largest contract manufacturing company, at one point reached NT$91.80, the price of which was also marked on Feb. 16 and the highest level since last year.

Buy orders poured in for audio component maker AAC Technologies Holdings on the Hong Kong stock exchange and smartphone cover glass maker Lens Technology on the Shenzhen Stock Exchange.

Speculation is circulating that the Apple's iPhone 8, which is expected to be released in July at the earliest, will feature new functions, including virtual reality.

"Coupled with the iPhone's powerful brand strength, the new model will gather popularity if new features such as virtual reality are included in it," said an analyst of a brokerage house.

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