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Taiwanese Stock Market Surges as Apple Announces Results

Apple’s block buster third quarter result has helped the Taiwanese stock market to rise by 2.13 percent.

According to Reuters, the rise in the share market is the best one-day percentage gain in the last 11 months.

The stock market went up because of key Taiwanese Apple suppliers Hon Hai Precision and Largan Precision, which gained on Apple’s record breaking third quarter results.

Analysts believe that Apple’s phenomenal performance and a rise in demand for its products like the iPhone and the iPad will enable the company to increase its orders for the suppliers by 20 percent in the third quarter from the second quarter.

"Thanks to Apple, its suppliers would be able to continue to grow substantially in Q3, even into next year," investment manager Oscar Chung said.

“That's way much better than the 0-5 percent growth expected for semiconductor companies or 5-10 percent for PC makers during the same period,” he added.

Shares of Hon Hai, which makes Apple products like the iPhone and the iPad, rose by 4.6 percent while shares of camera lens maker Largan Precision increased by 2.9 percent.