Taiwan shares close at highest level in 2023

Taipei, Dec. 12 (CNA) Taiwan stocks registered slight gains on Tuesday but managed to close at their highest level in 2023 ahead of the final U.S. Federal Reserve meeting of the year.

The Taiex, the Taiwan Stock Exchange's weighted index, ended up 32.29 points, or 0.19 percent, at 17,450.63 on turnover totaling NT$311.85 billion (US$9.9 billion).

Among semiconductor stocks, Taiwan Semiconductor Manufacturing Co. gained 0.7 percent to end at NT$578, while United Microelectronics Corp. rose 1.73 percent to close at NT$49.9. Shares in smartphone camera lens supplier Largan Precicion Co. closed up 1.5 percent at NT$2,375.

In the telecom sector, Wistron Neweb Corp. soared 4.01 percent to close at NT$155.5, Sercomm Corp. closed up 1.98 percent at NT$128.5, and Gemtek Technology surged 4.23 percent to end at NT$35.75.

Huang Wen-ching (黃文清), a vice president at Taishin Investment Consulting, told CNA the day's trading took place in an atmosphere of anticipation ahead of the Fed's Dec. 12-13 policy meeting.

The Taiex's gains on Tuesday were driven mainly by small and mid-cap electronics companies, Huang said, adding that the market could continue to climb in the coming days, depending on the results of the Fed meeting.

According to media reports, the Fed is expected to maintain its benchmark interest rate at a range of 5.25-5.50 percent, in a sign that the U.S. economy remains in relatively good shape as inflation continued to tick down.