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Wireless charging stocks jump amid a weak broader market

A variety of the new Apple Watch is on display in the demo room after an Apple event on Monday, March 9, 2015, in San Francisco. Pre-orders for the Ap...

Apple Event

A variety of the new Apple Watch is on display in the demo room after an Apple event on Monday, March 9, 2015, in San Francisco. Pre-orders for the Ap...

TAIPEI (Taiwan News) – Cupertino, California-based Apple Inc. finally lifted the veil on its highly anticipated Apple Watch on Monday and announced an ultra-thin MacBook along with a series of health apps that can help diagnose certain diseases. The new Apple Watch adopts wireless charging, according to the report. In normal usage, the watch’s battery life will reach 18 hours. Analysts had expected the company to ship 15 million units of the watch in 2015 after it starts shipping April 24. On Tuesday, some Taiwanese stock share prices jumped after the announcement.

Pre-order for the watch will be available on April 10, Tim Cook said at the event. The price will fall between US$549 (equivalent to NT$17,420) and US$1,049 (NT$33,286) for different models.

On Tuesday, Taiwanese wireless charger suppliers listed on the local securities market saw their stock prices rise rapidly in the session following the announcement of Apple Watch, including ENE Technology Inc. (6243), Lien Chang (2431), Generalplus Technology (4952), Holtek Semiconductor Inc. (6202), and ANPEC (6138). Among them, ENE jumped 6.92 percent the highest by its maximum daily limit to close at NT$26.25.

On the other hand, the share price of Quanta (2382), said by newspapers to be an Apple Watch assembly partner, remained flat on Tuesday. It edged lower by 0.25 percent to close at NT$79.30. Another rumored assembly partner, Hon Hai Precision (2317), saw an 0.80 percent loss in share price to close at NT$87.90.

In addition to the watch, Apple’s newest and thinnest MacBook also brings opportunity to Taiwan-based electronic connector maker Foxlink (2392), as the new MacBook uses a single USB-C connection for charging the laptop, transferring data, and connecting video output. Earlier in February, Foxlink Chairman Gou Tai-chiang said at a company event that the company will likely see a huge momentum in sales growth of 30 percent driven by its wearable device and USB Type-C connector business in 2015.

The broader market dropped 26.45 points, or 0.28 percent, on the island due to the selling spree by foreign institutional investors and the fall of the heavily weighted stocks in Taiwan including Taiwan Semiconductor Manufacturing Company Limited (TSMC) (2330) and Largan Precision Co. (3008). The local bourse did not benefit from the news of Apple’s new gadgets as foreign institutional investors sold a net NT$8.69 billion on Tuesday.

Dealers attributed the loss to foreign investors’ anxiety on the strong February non-farm jobs report released late last week, which is expected to increase chances that the Federal Reserve will raise interest rates sooner, triggering a massive pullback of foreign capital from the local stock market.

Updated : 2021-09-19 02:04 GMT+08:00