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Taiwan shares rise above 10,900 on increased turnover

2018/04/10 16:26:20

Taipei, April 10 (CNA) Shares in Taiwan opened lower but closed higher, finishing above the 10,900-point mark Tuesday on relatively high turnover.

The Taiwan Stock Exchange's main index, the Taiex, closed up 33.65 points, or 0.31 percent, at 10,927.18 on turnover of NT$141.43 billion (US$4.84 billion).

The Taiex opened slightly lower and fell to its daily low of 10,874.83 within the first 10 minutes of trading before quickly rebounding to hit the day's high of 10,975.67 at 10:46 a.m.

Though the market slumped in the last hour of trading, it still finished above the quarterly moving average of 10,904.

The electronics sub-index rose 0.32 percent, while the financial sub-index closed up 0.8 percent.

All other major stock categories also gained ground, with paper and pulp shares rising the most at 4.28 percent.

Electronics heavyweights were mixed, with Taiwan Semiconductor Manufacturing Co. (TSMC), the world's largest contract chipmaker, closing 0.2 percent higher at NT$245.50 and iPhone assembler Hon Hai Precision Industry Co. falling 0.40 percent to close at NT$87.00.

Largan Precision Co., a supplier of smartphone camera lenses to Apple Inc., gained 8.30 percent to close at NT$3,250.00, while IC packaging and testing service provider Advanced Semiconductor Engineering Inc. ended unchanged at NT$43.00.

Among the gaining financial stocks, Fubon Financial Holding Co. gained 1.39 percent to close at NT$51.00, while CTBC Financial Holding Co. rose 0.24 percent to close at NT$21.05 and Cathay Financial Holding Co. closed flat at NT$53.00.

A Mega International Investment Services Corp. analyst said Taiwan's market is expected to face strong technical resistance ahead of 11,000 points and is likely to hover between 10,750 and 11,000 points.

Foreign institutional investors bought a net NT$1.75 billion in shares in Taipei on Tuesday, according to the Taiwan Stock Exchange.

(By Chung Jung-feng and Evelyn Kao)
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