Apple shares rise amid soaring iPhone X orders

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A strong push in the technology sector helped drive global stocks to a record high today morning. Technology stocks were up after tech giant Apple said that pre-orders for its new iPhone X were “off the charts”.

The shares of US-based company traded 0.4 per cent higher in early trading today amid deluge of orders for its latest luxury phone, which has already pushed shipment times into December, according to analyst reports from both Drexel Hamilton and Nomura.

This demand is so strong that Apple has also directed its Taiwanese suppliers to double capacity in anticipation, states media report.

Read related story: Eight things you did not know about new iPhone X

Apple Inc.’s biggest suppliers from Taiwan — Semiconductor Manufacturing Co. to Hon Hai Precision Industry Co. — also climbed on Monday after delivery times for the new device stretched to up to six weeks in the US.

According to media reports, the shares in Hon Hai climbed as much as 3.6 per cent in Taipei, while TSMC, the U.S. company’s biggest chip supplier, saw as much as 2.5 per cent rise.

While the luxury iPhone X is releasing on November 3, Apple has allowed customers to pre-order teh devices from last Friday itself.

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