Join

Enter Details

Comment on stories, receive email newsletters & alerts.

@
This is your permanent identity for Business Insider Australia
Your email must be valid for account activation
Minimum of 8 standard keyboard characters

Subscribe

Email newsletters but will contain a brief summary of our top stories and news alerts.

Forgotten Password

Enter Details


Back to log in

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%.

Investing.com

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.

NOW WATCH: Money & Markets videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.