Sluggish sales drag down iPhone-related shares

Shares of Apple Inc's suppliers fell on Monday after the Taiwan-based Economic Daily News reported that the tech behemoth has cut its sales forecast for the iPhone X due to sluggish sales in the Chinese mainland, the world's largest smartphone market.

The report said Apple would see iPhone X sales of 30 million units in the first quarter of next year, compared with the previous forecast of 50 million units, citing unidentified people in the supply chain.

Shares of Lens Technology Co Ltd, which supplies glass covers to Apple, fell 8.44 percent on Monday on the Shenzhen Stock Exchange, while Shenzhen-based Desay Corporation, which provides more than half of the battery products for Apple's iPhones, declined by 5.87 percent, closing at 38.3 yuan ($5.9) per share, the lowest in 11 months.