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Taiwan shares continue uptrend, remain above 10,800 points

2017/11/23 16:33:08

Taipei, Nov. 23 (CNA) Shares in Taiwan rose Thursday for the third consecutive session, remaining above the 10,800-point mark, driven by gains in the electronics and financial sectors.

The weighted index on the Taiwan Stock Exchange closed up 31.98 points, or 0.3 percent, at 10,854.57, after moving between 10,809.09 and 10,872.29. Turnover totaled NT$128.39 billion (US$4.28 billion) during the session.

The electronic sub-index rose 0.47 percent, while the financial sub-index gained 0.16 percent.

Among the bellwether electronics stocks, shares in chip maker Taiwan Semiconductor Manufacturing Co. (TSMC), the most heavily weighted stock on the local market, rose 0.2 percent to end at NT$242.50.

Hon Hai Precision Industry Co. (also known as Foxconn), the world's leading contract electronics manufacturer and iPhone assembler, gained 1.9 percent to end at NT$106.00.

IC packaging and testing service provider Advanced Semiconductor Engineering Inc. (ASE) ended 0.50 percent lower at NT$38.00.

Integrated circuit designer MediaTek Inc. closed unchanged at NT$327.00, while Largan Precision Co., a smartphone camera lens supplier to Apple Inc., dropped 0.30 percent to end at NT$5,535.00.

Among the gaining financial stocks, Fubon Financial rose 0.70 percent to close at NT$51.20 , while Cathay Financial Holding Co. added 0.50 percent to end at NT$54.30. The two are the largest financial stocks in Taiwan in terms of market capitalization.

CTBC Financial Holding Co. gained 0.40 percent to end at NT$20.40.

Wang Jia-hao (王嘉豪), an analyst with a subsidiary of Taishin Financial Holding Co., said the recent gains on the local stock market could be attributed to strong economic growth in the United States and Europe, Taiwan central bank's moderate interest rate policy, abundant liquidity on the local market, and a strong showing of the global stock markets.

The local market has a good chance of hitting a record high in the first quarter of next year, Wang said.

Foreign institutional investors bought a net NT$1.61 billion-worth of shares on the main board Thursday, according to the Taiwan Stock Exchange.

(By Chung Jung-feng and Evelyn Kao)