ADR REPORT-Foreign shares edge lower, weighed by Apple suppliers
NEW YORK |
NEW YORK Jan 15 (Reuters) - U.S.-listed shares of foreign companies fell on Tuesday as concerns about demand for Apple Inc's iPhone fanned fears about the smartphone industry as a whole, prompting investors to sell shares of iPhone parts suppliers and telecom service companies.
Apple has asked Japan Display, Sharp and LG Display Co Ltd to roughly halve supplies of LCD panels from an initial plan for about 65 million screens in January-March, Japan's Nikkei business daily reporting on Monday, citing people familiar with the situation. The report was later matched by The Wall Street Journal.
U.S.-listed share of LG Display Co, a key provider to Apple, fell 3.8 percent to $13.08.
Among telecom stocks, U.S.-listed shares of China Mobile fell 1.5 percent to $57.06. SK Telecom fell 0.2 percent to $17.01, and China Telecom lost 0.6 percent to $56.27.
The BNY Mellon index of leading American depositary receipts fell 0.3 percent, while the Standard & Poor's 500 index added 0.1 percent.
The BNY Mellon index of leading European ADRs lost 0.2 percent. The BNY Mellon index of leading Asian ADRs fell 0.4 percent.
The BNY Mellon index of leading Latin American ADRs lost 0.1 percent.
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