Taiwan shares end up in light trading

Taipei, Dec. 23 (CNA) Shares in Taiwan closed higher Tuesday with the electronics sector in focus but turnover shrank with more and more foreign institutional investors away for the holidays, dealers said.

The Taiex, the Taiwan Stock Exchange's benchmark index, ended up 160.83 points, or 0.57 percent, at 28,310.47 after moving between 28,212.84 and 28,350.37. Turnover totaled NT$420.39 billion (US$13.35 billion), compared with NT$504.47 billion on Monday.

"With foreign institutional investors absent, major local investors seized the opportunity to control today's session by buying TSMC (Taiwan Semiconductor Manufacturing Co.) after a U.S. tech rally," Moore Securities Investment Consulting analyst Adam Lin said.

"TSMC's gains offset losses suffered by other tech heavyweights," Lin added.

After its American depositary receipts rose 1.50 percent overnight, contract chipmaker TSMC, which accounts for over 40 percent of total market capitalization, rose 1.71 percent to close at the day's high of NT$1,490.00. The stock's gains represented a 200-point increase on the Taiex.

Bucking the upturn, shares in smartphone IC designer MediaTek Inc. fell 0.71 percent to end at NT$1,390.00, and United Microelectronics Corp., a smaller contract chipmaker, lost 1.77 percent to close at NT$50.50.

In addition, AI server maker Quanta Computer Inc. slid 0.94 percent to end at NT$264.50, and rival Wistron Corp. closed down 1.02 percent at NT$145.00, while AI server and iPhone assembler Hon Hai Precision Industry Co., second to TSMC in market value, ended unchanged at NT$224.00.

"When many large-cap tech stocks trade in weakness, local investors parked their money in smaller tech stocks," Lin said. "Today, CPO (co-packaged optics) related stocks benefited from rotational buying."

Among them EZconn Corp. rose 1.69 percent to close at NT$1,205.00, and GCS Holdings, Inc. on the over-the-counter (OTC) market soared 10 percent, the maximum daily increase, to end at NT$232.50.

Many old economy stocks traded in the doldrums with China Steel Corp., the largest steel maker in Taiwan, down 1.06 percent to close at NT$18.60, and Tung Ho Steel Corp. 1.08 percent lower to end at NT$64.20.

In addition, Evergreen Marine Corp., the largest Taiwanese cargo container shipper, stayed unchanged at NT$186.00, while rival Wan Hai Lines ended up 0.38 percent at NT$78.50.

With the financial index down 0.15 percent, Fubon Financial Holding Co. lost 0.10 percent to close at NT$98.10, while Cathay Financial Holding Co. ended up 0.26 percent at NT$76.70.

"In light trading, smaller-sized stocks are expected to remain active before foreign investors return," Lin said.

According to the TWSE, foreign institutional investors sold a net NT$8.199 billion worth of shares on the main board Tuesday.