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Apple suppliers fall in Asia, rivals up

posted 25 Aug 2011, 05:21 by Mpelembe   [ updated 25 Aug 2011, 05:23 ]
Asian shares rise on Thursday with tech shares up on Apple CEO Steve Job's resignation, while Apple's suppliers in Taiwan fall by their maximum limits.

ASIA-BUSINESSASIA - Asian shares rose on Thursday (August 25), with smart-phone and tablet-related shares gaining on the resignation of Apple CEO and Silicon Valley legend, Steve Jobs.

The news sent Apple's shares tumbling in after-hours trade but Seoul shares gained ground led by high-tech heavyweights like Samsung and LG Electronics.

Their stocks rallied nearly 3 percent, on hopes the loss of Apple's visionary leader would help them gain global market share.

But the shares of Apple suppliers like Foxconn and Wintek fell sharply by their maximum limits in Taiwan, leaving the Taiex the sole North Asian market to close lower Thursday.

Japan's benchmark Nikkei average ended up 1.5 percent, as the weaker yen boosted exporter stocks. The top three automakers led gains with Nissan closing 7 percent higher, while Honda added 5 percent. Toyota shares rose 1.7 percent.

Meanwhile, Australian stocks rose more than 1 percent, boosted by banks and big miners ahead of speeches by both Australian and U.S. policy makers, including Federal Reserve Chairman Ben Bernanke.

Hong Kong shares also were higher, after several Chinese companies reported forecast-beating interim earnings.

The Hang Seng Index was up nearly 1.5 percent, led by a 14 percent gain by China United Network Communications, or Unicom, which posted a better-than-expected first half profit.

Meanwhile, gold continued to struggle after running into a wall of profit-taking.

Spot gold was down some 9 percent since hitting a record high of above $1,900 an ounce on Tuesday (August 23).

The dollar trimmed early gains against the yen to stand around 77 yen, holding above an all-time low just beneath 76 yen plumbed last week.

Toshi Maeda, Reuters.