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Stocks

Apple's record market cap pushes Asian tech shares higher

Foxconn, TSMC among winners as expectations for the new iPhone spill over

HONG KONG -- Shares of Asian suppliers to Apple Inc. rose across the board Tuesday, buoyed by the news that the gadget maker has become the first U.S. company in history to reach a market capitalization of $800 billion.

On Monday, Apple topped $153.44 a share, putting the company's market value over $800 billion, the first time a U.S. company has reached that landmark figure. Although Apple reported mixed results for the second quarter of fiscal 2017, growth expectations remain high, thanks to the scheduled launch of a new iPhone. That helped push the share price up.

Investor optimism over Apple's prospects spilled over into Asian markets, with several Apple-related issues getting a lift.

In Taiwan, shares of the iPhone's main assembler, Hon Hai Precision Industry, better known as Foxconn, surged 4.4% at one point to 105.50 Taiwan dollars, reaching a year-high. Taiwan Semiconductor Manufacturing Co., Apple's main mobile chip manufacturer, also hit an all-time high, while shares in Largan Precision, another Apple supplier, rose 1.9% at one point to 5,030 Taiwan dollars.

In Hong Kong, shares of AAC Technologies are up, while in China's tech-heavy Shenzen market, Lens Technology is bucking a lackluster trend. In Tokyo, Murata Manufacturing was also up 0.8% at one point at 16,230 yen.

"Apple's new smartphone is a must have for aficionados. Expectations are rising as we get closer to the release date, slated for the latter half of this year," said Linus Yip, strategist at First Shanghai Securities.

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