Apple Inc.’s latest products are getting a thumbs down, at least by investors in the company’s Asian suppliers.
Overseas investors pulled a net $677 million from the island’s stock market last week, the biggest outflows in three months. Earlier optimism that the iPhone would bolster Taiwan earnings had sent the Taiex to a 17-year high as inflows swelled. The Taiex slid 1.1 percent the close, its lowest in a month.
Apple iPhone 8 pre-orders are “substantially lower” than iPhone 7 and iPhone 6 levels, Rosenblatt Securities analyst Jun Zhang wrote in a note last week. Initial feedback suggests iPhone 8 volume is below predecessors in the U.S. and even more so in China, according to Zhang.
Hon Hai fell 2.8 percent in Taipei, while Pegatron slumped 4.4 percent. TSMC dropped for a third day. AAC Technologies Holdings Inc., another supplier, retreated 6.7 percent in Hong Kong, and GoerTek Inc. capped its biggest loss since July 3 in China’s Shenzhen.