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Shares of Largan down in spite of record high profit in Q2

TAIPEI--Shares of smartphone camera lens supplier Largan Precision Co. (大立光) came under pressure Friday morning, extending their losses from a session earlier, although the company reported a record high net profit for the second quarter of the year, dealers said. Many investors preferred to lock in the gains they had built in the stock in recent sessions, hoping that Largan will report bottom line growth for the past quarter, they said.

However, the market remained upbeat about the company's earnings prospects for the second half of this year, when Apple Inc. will launch its new iPhone model, which is expected to boost the Taiwanese firm's shipments, dealers said.

Largan has been dubbed one of the “Apple concept stocks” in the local market as it is part of the U.S. firm's supply chain.

As of 11:10 a.m., shares of Largan had dropped 3.95 percent to NT$2,430.00 (US$81) with 1.29 million shares changing hands, extending the 3.98 percent decline seen Thursday. The weighted index on the Taiwan Stock Exchange was down 0.02 percent at 9,410.20 points.

“Investors are simply selling on news of Largan's record high of net profit for the second quarter. I think foreign institutional investors have been standing on the sell side of the stock to pocket their gains,” Taishin Securities Investment Advisory analyst Tony Huang said.

According to the TWSE, foreign institutional investors sold a net 180,598 Largan shares Thursday.

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