Apple Suppliers Open Lower on China's A-Share Market as iPhone Maker Posts Sales Warning
Dou Shicong
DATE:  Jan 03 2019
/ SOURCE:  yicai

(Yicai Global) Jan. 3 -- Apple's suppliers in China all opened lower on the country's stock market this morning following a rare sales warning from the iPhone maker.

Luxshare Precision Industry [SHE:002475], a Guangdong-based electronic connector supplier, opened down 2.4 percent at CNY13.8 (USD2.01). iPhone screen supplier O-Film Tech [SHE:002456] opened 0.87 percent lower at CNY9.1 while mobile terminal antenna provider Sunway Communication [SHE:300136] opened down 1.79 percent at CNY21.4.

Apple cut its first-quarter revenue expectation yesterday to USD84 billion from between USD89 billion and USD93 billion previously. The projection fell far below Wall Street's expectation of USD91.3 billion. The iPhone maker attributed the reduction to weaker performance in emerging markets, especially in China's mainland.

For the overall A-share market opening, the Shanghai Composite Index opened down 0.14 percent at 2,461.78. The Shenzhen Component Index fell 0.21 percent to 7,134.15 while the Growth Enterprise Index dropped 0.16 percent to 1,226.74. 

Editor: William Clegg

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Keywords:   Apple Inc.,Luxshare Precision Industry,O-Film Tech