HONG KONG, Nov 5 (Reuters) - Shares of Foxconn International
Holdings, the world's biggest contract maker of
cellphones, surged as much as 28 percent on Monday after a
Citigroup upgrade to "buy" spurred heavy short-covering in the
stock which has languished this year on dwindling handset sales.
Citigroup, which said this was its first positive rating on
the stock in nearly three years, said it expected a sharp
turnaround for Foxconn in 2013 driven by assembly & component
business from smartphone makers such as Apple Inc.
Shares of Foxconn, which assembles handsets for the likes of
Nokia Oyj, Huawei Technologies Co Ltd and ZTE Corp
, are still down 30 percent this year
compared to a near-20 percent rise for the Hang Seng Index