Taiwan shares end above 10,700 points

2017/10/12 16:27:05 fontsize-small fontsize-default fontsize-big
CNA file photo

CNA file photo

Taipei, Oct. 12 (CNA) Taiwan share prices continued to gain momentum Thursday from the previous session, closing above the 10,700 points at a 27-year high, led by companies in Apple Inc.'s supply chain.

The weighted index on the Taiwan Stock Exchange closed up 70.25 points, or 0.66 percent, at the day's high of 10,711.44 on turnover of NT$124.37 billion (US$4.12 billion).

The main index opened up 27.2 points at 10,668.39 and moved higher on follow-through buying as investors took cues from the U.S. stock market, where the three major indexes climbed to record highs Wednesday.

On the TAIEX, the electronics subindex rose 1.13 percent, while the financial subindex closed up 0.01 percent.

Among the gaining "Apple-concept stocks," Taiwan Semiconductor Manufacturing Co. (TSMC, 台積電), the world's largest contract chipmaker, continued its upward trend, closing 1.93 percent higher at a record NT$237.50.

Based on its strong showing, the company's market capitalization reached a new high of NT$6.15 trillion.

Also in the Apple supply chain, smartphone camera lens producer Largan Precision Co. (大立光) rose 3.97 percent to end at NT$5,635.00, and iPhone assembler Hon Hai Precision Industry Co. (鴻海), finished 0.93 percent higher at NT$108.00.

Boryi Chien (簡伯儀), a manager at Cathay Securities Co. (國泰證券), noted that the strong gains in the market Thursday were led mainly by large-cap electronics shares.

The main index is expected to remain bullish if foreign and domestic institutional investors continue their strong buying, he said.

According to the Taiwan Stock Exchange, foreign institutional investors bought a net NT$6.13 billion-worth of shares on the main board Thursday.

(By Jiang Ming-yan and Evelyn Kao)

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