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Foxconn shares surge on brokerage report on iPhone orders

Workers walk out of the entrance to a Foxconn factory in Chengdu, Sichuan province July 4, 2012. REUTERS/Stringer
Workers walk out of the entrance to a Foxconn factory in Chengdu, Sichuan province July 4, 2012. REUTERS/Stringer

HONG KONG (Reuters) - Shares of Foxconn International Holdings Ltd (FIH), the world's biggest contract maker of cellphones, rose by more than 10 percent on Friday, extending gains from the previous day on a brokerage report that said it might get iPhone orders soon.

Shares of FIH, which assembles handsets for the likes of Nokia Oyj, Huawei Technologies Co Ltd and ZTE Corp, rose as much as 10.2 percent to a high of HK$3.35 in early trade, the strongest intraday level since June.

That beat a 0.8 percent gain in the benchmark index.

On Thursday, the stock gained 17 percent, logging the biggest one-day gain since mid-2009.

The sharp rises were attributed to a brokerage report from Daiwa Capital Markets saying that FIH was likely to get iPhone orders soon, even though it does not currently assemble Apple products.

"Our industry research indicates that FIH is likely to start producing iPhones in late 2012 or early 2013," Daiwa said.

Foxconn International said it would issue a statement later today, although it declined to comment on the report for now.

(Reporting by Lee Chyen Yee; Editing by Anne Marie Roantree)

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