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Shares fall after tech firms’ sharp drop
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Shanghai stocks sank yesterday after electronic components and communication shares dropped sharply.
The Shanghai Composite Index tumbled by 1.21 percent to close at 2,669.48 points.
Stocks linked to Apple Inc such as suppliers were among the worst performers after the company warned tariffs would affect many of its products and increase costs.
Electronic component shares such as Universal Scientific Industrial (Shanghai) Co and Changyuan Group both dropped by over 6 percent, and Giga Device Semiconductor (Beijing) Inc lost 8.21 percent.
Shares of communication firms also saw a sharp fall. Hangzhou Freely Communication Co fell 9.77 percent to 24.84 yuan, and Insigma Technology Co shed 7.1 percent.
Another group of shares which posted some of the biggest declines were building material companies. Huaxin Cement Co lost 6.93 percent, and Anhui Conch Cement Company tumbled 5.27 percent.
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