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Taiwan's shares rise, finish above five-day moving average

2018/05/24 17:35:10

Taipei, May 24 (CNA) Amid a mixed performance by Asian stock markets on Thursday, the Taiwan Stock Exchange finished higher on the back of increases in major weighted electronics stocks and several sub-industries.

After opening at 10,910.61, the Taiex rose to the day's high of 10,942.64 and hit a low of 10,883.52 before ending the day 50.75 points, or 0.47 percent, higher at 10,936.93, above the five-day moving average of 10,911.

Turnover totaled NT$126.46 billion (US$4.22 billion). In total, 489 stocks rose, 299 fell and 133 were unchanged.

Largan Precision Co., a supplier of smartphone camera lenses to Apple Inc. and the most expensive stock on the Taiex, added 2.04 percent to return to NT$4,000.

Taiwan Semiconductor Manufacturing Company (TSMC), the world's largest contract chip maker and the most heavily weighted stock on the Taiex, gained 0.22 percent to end at NT$229.

Shares in Hon Hai Precision Industry Co., the world's largest contract electronics maker, climbed 0.6 percent to close at NT$84.1.

In addition, shares in some sub-industries, such as optoelectronics stocks, outperformed those in other sectors.

Genius Electronic Optical surged 7.32 percent to hit an eight-month high of NT$462, while many other stocks in the sector also rallied, including gaming and passive components shares, several of which hit the daily increase ceiling of 10 percent.

With the Taiex ending the session above its five-day moving average, the local stock market seems to have turned a corner, analysts said, though they still expect it to stay between 10,800 and 11,000 in the short term due to volatility in the world market.

The Taiex will have to wait until foreign institutional investors resume buying if it is to break the 11,000-point mark amid strong resistance, they said.

(By Tian Yu-pin and Flor Wang)
Enditem/AW