Shares of Apple suppliers in Asia took a beating on the back of a Taiwanese lensmaker reporting a more than 25 percent year-on-year decline in its November revenue.
Elsewhere in Asia, shares of Japanese electronic parts maker TDK fell 6.31 percent while component supplier Murata Manufacturing shed 4.34 percent. South Korean industry heavyweight Samsung Electronics also fell around 1.8 percent while Hong Kong-based acoustic components maker AAC Technologies declined by more than 5 percent.
Apple’s stock was not trading on Wednesday as the U.S. stock markets were closed in honor of former president George H.W. Bush. The Cupertino-based tech giant saw its shares fall about 4.40 percent on Tuesday after HSBC downgraded the company to hold from buy and cut its 12-month price target to $ 200 from $ 205.
“Apple’s iconic hardware unit growth is broadly over for now,” HSBC analysts said in the note.
“Revenues are only supported by higher selling prices and by the development of services. Flat unit growth has hit Apple’s share price and incidentally its key suppliers. What has made the success of Apple, a concentrated portfolio of highly desirable (and pricy) products is now facing the reality of market saturation,” they said.
— Reuters and CNBC’s John Melloy contributed to this report.