Shares of Foxconn and its Shanghai and Hong Kong-listed units soared on Thursday...
HONG KONG - Shares of Foxconn and its Shanghai and Hong Kong-listed units soared on Thursday as investors cheered news that the chairman of the world’s largest contract manufacturer will run for president of Taiwan.
Foxconn in a statement on Tuesday said Gou would remain chairman, though he planned to withdraw from his company’s daily operations. “If Gou runs for the election, the market may draw parallels to the rally in the U.S. stock market after U.S. President Trump won in 2016,” Chien said, referring to Donald Trump similarly being a businessman before turning attention to the presidency.
“Punters are excited by the news and that boosted the stocks of the group of companies,” said Alex Wong, a director at Ample Finance. However, he said, a correction - when a stock price falls as investors in tandem sell at a profit - could come at any time.
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