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Taiwan shares soar above monthly moving average of 10,800 points

2018/03/08 15:52:13

Taipei, March 8 (CNA) Shares in Taiwan climbed 0.73 percent Thursday, rising above the monthly moving average of 10,800 points, in tandem with a rally on other Asian stock markets.

The rise of the local stock market was led by the bellwether electronics sector, which was boosted by tech stock gains in U.S. markets overnight.

The Taiwan Stock Exchange's main index closed up 77.92 points, or 0.73 percent, at 10,823.24, after moving between 10,788.43 and 10,852.23, on expanded turnover of NT$120.48 billion (US$4.12 billion).

The market opened up 43.11 points and continued to rise, led by the electronics sector, with Taiwan Semiconductor Manufacturing Co. (TSMC), the world's largest contract chipmaker, and iPhone assembler Hon Hai Precision Industry Co., out front.

The bellwether electronics sector, which drove the upturn of the broader market, closed up 1.05 percent.

TSMC, the most heavily weighted stock on the local market, rose 1.01 percent to close at NT$249.50, while Hon Hai, second only to TSMC in terms of market value, added 1.02 percent to end at NT$89.40.

Largan Precision Co., a smartphone camera lens supplier to Apple Inc., finished 0.68 percent higher at NT$3,715.00.

Among the other gaining electronics shares, electronic component manufacturer Yageo Corp., rose 1.78 percent to end at NT$400.50.

Almost all the major stock categories gained ground, except for the foodstuff sector, which dropped 0.22 percent.

Gainers outnumbered losers 560 to 227, with 127 stocks remaining unchanged.

Foreign institutional investors sold a net NT$952 million-worth of shares on the main board, according to the Taiwan Stock Exchange.

Analysts said the main index is expected to hover between 10,700 and 10,900 points depending on the performance of the global markets.

(By Tien Yu-pin and Evelyn Kao)