Apple suppliers' shares fall on report of cut in orders

Iphone 5 Apple has seen increased competition in the smartphone market from the likes of Samsung

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Shares of Sharp and other suppliers of iPhone parts to Apple have fallen after reports of a cut in orders for the iPhone 5.

Apple has reduced orders by about 50% for its latest model, according to the Nikkei newspaper in Japan.

Sharp, which makes display panels for the device, slumped as much as 7% in Tokyo trade. Speaker-maker ACC Technologies fell 4.2% in Hong Kong.

Apple shares hit an 11-month low in New York on Monday after the report.

Apple has seen increased competition in the smartphone market in recent months.

South Korea's Samsung Electronics, which offers a wider variety of smartphones, recently overtook Apple as the world's largest smartphone maker by market share.

Some analysts have said that Apple will need to come out with a cheaper smartphone to target customers in emerging markets.

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