Taiwan shares end up led by TSMC

Taipei, Jan. 3 (CNA) Shares in Taiwan closed higher Friday on a mild technical rebound, as buying emerged in the electronics sector led by contract chipmaker Taiwan Semiconductor Manufacturing Co. (TSMC), dealers said.

The Taiex, the Taiwan Stock Exchange's (TWSE) benchmark index, ended up 76.24 points, or 0.33 percent, at 22,908.30 after moving between 22,905.40 and 23,092.07. Turnover totaled NT$330.39 billion (US$10.04 billion).

"The U.S. markets stayed in consolidation and the local main followed suit, drifting without direction," Cathay Futures Consultant analyst Tsai Ming-han said, referring to a 0.30 percent fall in the Dow Jones Industrial Average and a 0.16 percent decline on the tech-heavy Nasdaq index on Thursday.

"The silver lining was that TSMC stayed resilient, helping the Taiex close higher," Tsai said.

TSMC, the most heavily weighted stock in the local market, rose 0.94 percent to close at NT$1,075.00, off a high of NT$1,080.00. TSMC's gains represented 80 points in Taiex's rise, sending the electronics index up 0.50 percent.

Other semiconductor heavyweights appeared mixed with smartphone IC designer MediaTek Inc. up 1.11 percent to end at NT$1,365.00, but United Microelectronics Corp., a smaller contract chipmaker, down 1.37 percent to close at NT$43.10.

In addition, iPhone assembler Hon Hai Precision Industry Co., second to TSMC in terms of market value, fell 0.82 percent to end at NT$181.00, and power management solution provider Delta Electronics Inc. dropped 0.72 percent to close at NT$414.00. However, contract notebook computer maker Quanta Computer Inc. rose 3.21 percent to end at NT$289.00 on hopes that AI development will sharply push up its sales in 2025.

"Old economy stocks largely moved in weakness but rotational buying lifted the biotech industry today amid an outbreak of Human Metapneumovirus in China," Tsai said.

With the biotech index up 0.70 percent, All Cosmos Bio-Tech Holding Corp. rose 2.08 percent to close at NT$49.00, and Maxigen Biotech Inc. gained 2.24 percent to end at NT$50.10.

In the old economy sector, King's Town Construction Co. lost 5.07 percent to close at NT$65.60, and Kindom Development Co. fell 1.18 percent to end at NT$50.30.

In the financial sector, which rose 0.25 percent, Fubon Financial Holding Co. rose 0.44 percent to close at NT$91.10, while Cathay Financial Holding Co. ended down 0.29 percent at NT$67.80.

"I expect the electronics sector will continue to attract market attention next week as the Consumer Electronics Show (CES) will open (on Jan. 7) in Las Vegas," Tsai said.

According to the TWSE, foreign institutional investors bought a net NT$9.17 billion worth of shares on the main board Friday.