Shares of tech-sector declined on following heavy selling in US technology companies after deteriorating outlook for iPhone sales. Concerns about iPhone demand hurt the stocks of Japanese parts suppliers after Apple's supplier Lumentum Holdings Inc. cut its quarterly forecast. Apple's parts supplier Murata Mfg dropped 7%, Alps Electric fell 6.5%, THK slid 5.3%, and Japan Display dropped 7.6%, while other electronic parts makers also plunged, with TDK dropping 7.1% and Alps Electric plummeting 8.4%.
Shares of automakers sagged following news that the U. S.
Commerce Department
CURRENCY NEWS: Japanese yen appreciated against greenback on Tuesday. The dollar fetched 113.63 yen in Asian trade, down from 113.85 yen in New York late Monday.
OFFSHORE MARKET NEWS: US stocks closed in negative territory on Monday, weighed by a notable drop in shares of Apple after iPhone parts supplier Lumentum cut its fiscal second quarter guidance, adding to recent concerns about iPhone demand. The Dow Jones Industrial Average fell 602.12 points, or 2.32%, to 25,387.18, the S&P 500 lost 54.79 points, or 1.97%, to 2,726.22 and the Nasdaq Composite dropped 206.03 points, or 2.78%, to 7,200.87.
European share market also closed down on Monday. The U. K.'s FTSE 100 Index dropped by 0.9% and 0.7%, respectively. The German DAX Index plunged by 1.8%.
Powered by Capital Market - Live News
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)