Asian markets get boost from Apple’s strong earnings

Asian equities continued to rise Wednesday, helped by strong results from Apple, though Sydney shares eased as commodities prices pulled back.

The stock market in Taiwan, home to a number of Apple’s suppliers, was the strongest performer in the region. That market’s strength in the past year has been in large part Apple-driven, thanks to the company’s results as well as expectations about how its coming iPhone will fare.

The Taiex

Y9999, +0.57%

  rose 0.7% with iPhone assembler Hon Hai

2317, +1.29%

  climbing 1.3% and lens maker Largan Precision

3008, +3.27%

  jumping 3.7% to another record high.


AAPL, +0.89%

 results for the June quarter released late Tuesday beat market expectations. Its shares ended after-hours trade up 6.3% at $159.50, which would be a fresh record high if maintained during regular trading and put the company’s market value at $830 billion.

Hong Kong’s Hang Seng Index

HSI, +0.29%

  was also strong, with Apple audio supplier AAC Technologies

2018, +6.56%

  jumping 5% and Sunny Optical

2382, +2.74%

  gaining 3.5%. The index, which has gained in 15 of the last 17 sessions, rose 0.5% in early trading.

Gains were more modest elsewhere, with Japan’s Nikkei

NIK, +0.41%

  up 0.3% despite good news on the earnings front there. Meanwhile, the yen eased a little, with the dollar at session highs of around ¥110.50.

But a pullback in commodities prices crimped recent gains in Australia, where the stock market is heavily exposed to the resources sector. The S&P/ASX 200

XJO, -0.49%

  fell 0.5% amid a 2% drop overnight in oil prices and a further near-1% drop in Asian trade after a bearish crude inventory reading from the American Petroleum Institute.

BHP Billiton

BHP, -1.87%

 , a major mining, declined 2% while oil firm Santos

STO, -1.46%

  dropped 1.5% in declines that Ric Spooner at CMC Markets chalked up to profit-taking.

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