Taiwan shares climb on support for large-cap electronic shares

Taipei, Shares in Taiwan gained ground Friday with the help of large-cap electronic companies, including contract chipmaker Taiwan Semiconductor Manufacturing Co. (TSMC), despite an overnight fall in the tech-heavy Nasdaq in the United States.

The weighted index on the Taiwan Stock Exchange (TWSE), the Taiex, closed up 96.73 points, or 0.89 percent, at 10,932.11 on turnover of NT$164.46 billion (US$5.35 billion).

In closing at its highest level since June 21, the Taiex finished above the weekly moving average for the second straight week and above the six-month moving average of 10,867.

TSMC rose 5.7 percent to close at NT$237.50 in Friday's trading, its highest close since April 19, while smartphone camera lens supplier Largan Precision Co. rose 4.25 percent to NT$5,270, a new high since Nov. 29, 2017.

Largan's rise pulled second-tier optical stocks higher, including Genius Electronic Optical and Asia Optical, analysts said.

Passive component, disc and silicon wafer companies were relatively weak, however, indicating the market's structure is changing, they said.

Investors flocked to bellwether stocks in the electronic and financial sectors, leaving the stocks of small or medium-sized companies vulnerable to selling pressure, the analysts said.

The financial sector closed up 0.16 percent, with Mega Financial Holding Co. (???) rising 0.19 percent to end at NT$26.90 and CTBC Financial Holding Co. (???) gaining 0.49 percent to close at NT$20.50.

Source: Focus Taiwan News Channel