Electronics stocks were up slightly on Tuesday in Asian trading as markets recover from the global economic crisis.
Apple Inc. soared to a record high of $104.87 after reports it will expand its iPhone production to Mexico, while China’s Xiaomi Electronics jumped 2.3% after the company’s CEO, Lei Jun, announced that the company would expand its manufacturing capacity to Mexico.
The Nikkei 225 index of Asian shares rose 3.4% on Tuesday after the stock closed up 2.1% in late trading.
Apple and Xiaomi are two of the best-performing stocks in the sector, and the companies were among the top performers in the benchmark China-based stock index.
The Shanghai Composite Index climbed 3.3%, while the Hang Seng Index rose 2.9% and the Shanghai Cooperation Organization Index rose 3%.
The Nikkor 500 fell 2.2%, while its index of industrial and technology shares also dropped.