Shares of Lar­gan ex­tend gains on po­ten­tial of sales to Ap­ple

The China Post - - LOCAL -

Shares of Lar­gan Pre­ci­sion Co. (

), which sup­plies smart­phone cam­era lenses to Ap­ple Inc., ex­tended their mo­men­tum Wed­nes­day morn­ing af­ter the stock hit a new clos­ing high a day ear­lier, deal­ers said. The buy­ing largely re­flected ex­pec­ta­tions that Ap­ple will up­grade its cam­era equip­ment in the next-gen­er­a­tion iPhone and place more or­ders with Lar­gan, which spe­cial­izes in high-end cam­era lens pro­duc­tion, they said.

As of 10:55 a.m., shares of Lar­gan had added 1.13 per­cent to NT$3,595.00 (US$116), with 420,000 shares chang­ing hands, out­per­form­ing the broader mar­ket, af­ter clos­ing at a record high of NT$3,555.00 on Tues­day.

Lar­gan re­mains the most ex­pen­sive stock in the lo­cal mar­ket.

The weighted in­dex on the Tai­wan Stock Ex­change (TWSE) was down 0.06 per­cent at 9,385.20.

“It seems that the mar­ket has reached a con­sen­sus that Lar­gan will con­tinue to ride the wave of an in­crease in Ap­ple’s or­ders, in par­tic­u­lar af­ter Ap­ple un­veils the next iPhones (likely in Au­gust or Septem­ber),” MasterLink Se­cu­ri­ties an­a­lyst Tom Tang said.

“Lar­gan has be­come one of the fa­vorites of for­eign in­sti­tu­tional in­vestors, and I think for­eign in­sti­tu­tional buy­ing was be­hind the stock’s rise to­day,” Tang said.

For­eign Buy­ers Owned a

48.9% Lar­gan Stake

Ac­cord­ing to the TWSE, for­eign in­sti­tu­tional in­vestors owned a 48.9 per­cent stake in Lar­gan as of Tues­day. “For­eign hold­ings in Lar­gan are high be­cause only in­sti­tu­tional in­vestors can af­ford such a high share price,” Tang said.

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