Taiwan shares end higher, led by large cap tech stocks

Taipei, Dec. 26 (CNA) Shares in Taiwan closed higher Friday as investors continued to pick up tech heavyweights, while turnover stayed moderate with many foreign institutional investors away for the holidays, dealers said.

The Taiex, the Taiwan Stock Exchange's benchmark index, ended higher for a fifth consecutive session. It closed up 184.04 points, or 0.65 percent, at 28,556.02 after moving between 28,404.34 and 28,590.91.

Turnover totaled NT$431.8 billion (US$13.73 billion).

"With many foreign institutional investors absent, major local investors dominated the trading, and they tended to buy large cap electronics stocks, in particular TSMC (Taiwan Semiconductor Manufacturing Co.)," Mega International Investment Services analyst Alex Huang said.

"The Taiex kept fluctuating in a narrow range in relatively light trading, with high technical resistance ahead of 28,500 capping the gains," Huang said.

Contract chipmaker TSMC, which accounts for more than 40 percent of the market's total value, rose 1.00 percent to close at NT$1,510.00.

The stock's gains contributed about 120 points to the Taiex's rise and helped the electronics index go 0.84 percent higher.

Among other tech stocks favored by local investors, IC packaging and testing services provider ASE Technology Holding Co. gained 2.56 percent to end at NT$240.00, and AI server maker and iPhone assembler Hon Hai Precision Industry Co., second to TSMC in terms of market value, closed 0.67 percent higher at NT$225.50.

Also, PC brand Asustek Computer Inc. rose 1.29 percent to end at NT$551.00, and telecom services provider Taiwan Mobile Co. gained 2.76 percent to close at NT$111.50.

"As market attention continued to focus on the electronics sector, non-tech stocks largely remained in the doldrums," Huang said.

Nan Ya Plastics Corp. fell 1.03 percent to end at NT$57.50, and Formosa Chemicals & Fibre Corp. slid 0.47 percent to close at NT$32.05, while Formosa Plastics Corp. ended unchanged at NT$39.75.

Eclat Textile lost 0.52 percent to close at NT$384.00, and rival Makalot Industrial Co. ended down 0.84 percent at NT$294.50.

In the financial sector, which lost 0.48 percent, Cathay Financial Holding Co. shed 1.45 percent to close at NT$74.80 and Fubon Financial Holding Co. dropped 1.02 percent to end at NT$97.00.

According to the Taiwan Stock Exchange, foreign institutional investors bought a net NT$8.37 billion in shares on the market Friday.