Apple-linked shares gain after it unveils features aimed at taming user ‘addiction’, especially among younger customers

New controls over tracking apps unveiled along with usage monitors and app timers

PUBLISHED : Tuesday, 05 June, 2018, 3:13pm
UPDATED : Tuesday, 05 June, 2018, 3:13pm

Shares in Apple-related firms traded in Hong Kong and China climbed on Tuesday after the US tech giant soared to a record high overnight, due to strong investor reaction to a range of new software features revealed at its annual Worldwide Developer Conference

On Monday, its software chief Craig Federighi unveiled the latest operating system iOS 12 at the conference in San Jose, for instance, which focuses on speed and parental controls in software upgrades, putting data privacy and smartphone addiction firmly on its agenda, with new controls over tracking apps along with usage monitors and app timers.

iPhone and iPad users will now be able to limit the time children spend on apps, as well as which apps they can use, a move directly linked with recent criticism of computer overuse, even addiction, by children.

Apple shares closed up 0.8 per cent after paring earlier gains, and it nears becoming the first US$1 trillion publicly listed US company.

Apple-related Hong Kong and mainland shares continued the momentum on Tuesday.

The Hang Seng Index was ahead 0.50 per cent or 154.7 points at 31,152 by 2.45pm, rising for a fourth day and hovering around the psychologically important 31,000 mark.

The Shanghai Composite Index gained 0.41 per cent or 12.60 points to 3,103.79 while the CSI 300 – which tracks the large caps listed in Shanghai and Shenzhen – increased 0.77 per cent or 29.19 points to 3,836.77 by early afternoon.

The Shenzhen Composite Index was higher by 0.91 per cent or 15.82 points to 1,763.78 and the Nasdaq style ChiNext rose 1.50 per cent or 25.59 points to 1,728.52.

In the mainland, Kunshan Kersen Science & Technology surged by its 10 per cent daily limit to 17.68 yuan. Zhejiang Crystal-Optech gained 8.98 per cent to 15.66 yuan, Shenzhen Sunway Communication climbed 7.22 per cent to 36.10 yuan and Suzhou Anjie Technology advanced 6.93 per cent to 18.22 yuan. O-film Tech rose 6.78 per cent to 18.43 yuan, and Luxshare Precision Industry gained 4.80 per cent to 24.48 yuan.

Shenzhen Desay Battery Technology was 1.84 per cent higher at 31.58 yuan and Sunwoda Electronic added 3.19 per cent to 11.01 yuan

In Hong Kong, AAC Technology added 0.50 per cent to HK$119.90, Cowell E Holdings gained 2.75 per cent to HK$1.87, BYD rose 1.07 per cent to HK$52 and Sunny Optical Technology (Grop) was up 1.40 per cent to HK$159.90.

Other tech stocks also joined in on the action. Q Technology (Group) increased 4.33 per cent to HK$6.98, Suncorp Technology was up 4.55 per cent to HK$0.023.