By: Han ting-ting and Frances Huang
Taipei, Oct. 12 (CNA) Shares in Taiwan-based Largan Precision Co., a smartphone camera supplier to Apple Inc., received a significant boost from third quarter results which pointed to a more than 50 percent sequential increase in net profit for the third quarter, dealers said.
The buying also came after a strong technical rebound following a 10 percent slump, the maximum daily decline, on Thursday amid concerns over rising interest rates in the U.S. market, which sent Wall Street into a tailspin on Wednesday, they said.
On Friday, shares in Largan rose 10 percent to close at NT$3,555.00 (US$115) with 1.59 million shares changing hands on the Taiwan Stock Exchange. Led by market heavyweights such as Largan, the benchmark weighted index on the main board ended up 2.44 percent at 10,045.81 after a 6.31 percent plunge on Thursday. [FULL STORY]