Foxconn Rises After Apple’s Record Results: Hong Kong Mover
Foxconn International Holdings Ltd. (2038) rose to the highest in more than two months in Hong Kong trading, leading gains in electronics manufacturers after Apple Inc. (AAPL) posted record earnings this week.
Foxconn International, whose parent Hon Hai Precision Industry Co. (2317) manufactures Apple’s iPhone and iPad, rose 4.5 percent to HK$5.30, the highest closing price since Nov. 22. Hong Kong’s benchmark Hang Seng Index jumped 1.6 percent as local stocks gained after the three-day Lunar New Year holiday.
Apple fiscal first-quarter profit more than doubled to $13.1 billion as revenue rose 73 percent to $46.3 billion, the Cupertino, California-based company reported Jan. 24. Holiday demand for electronics and market share gains against rival products using Google Inc.’s Android technology lifted sales of the iPhone and iPad, benefiting suppliers including Hon Hai and AAC Technologies Holdings Inc. (2018)
AAC Technologies, a supplier of speakers and microphones for Apple, rose 2.4 percent to HK$19.96 in Hong Kong, while China Unicom (Hong Kong) Ltd., the only phone carrier in China that offers the iPhone with a service contract, was unchanged at HK$14.66.
Markets in Taipei, where Hon Hai is traded, are closed today for the Chinese New Year holiday.
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