Taiwan shares close up 0.73%

Investors in Taiwan's stock market largely stayed on the sidelines Wednesday as they awaited decisions by central banks in Japan and the United States on whether they would adjust interest rates.

The market's weighted index fluctuated early in the trading session, but large-cap electronics and financial stocks rebounded later in the session to push the index above 9,200 points.

The Taiex closed up 66.92 points, or 0.73 percent, at 9,228.50 on relatively low turnover of NT$70.93 billion (US$2.25 billion).

Stocks in old economy sectors such as cement, food, plastics and chemicals, pharmaceuticals and retailing rose as trading got underway but they could not sustain their early momentum.

After the midpoint in the session, however, smartphone maker HTC (???) led a surge in electronics stocks following the launch of its new Desire 10 series.

HTC rose 6 percent to close at NT$84.8 and helped push other stocks in the sector higher.

Taiwan Semiconductor Manufacturing Co. (???), the most heavily weighted stock on the exchange, closed 0.55 percent higher at NT$184 while smartphone camera lens maker Largan Precision Co. (???), ended up 0.52 percent at NT$3,840.

As electronics shares gained ground, financial shares also saw support, with Fubon Financial Holdings (???) closing 0.65 percent higher at NT$46.5 and Cathay Financial Holdings (???) closing 1.25 percent higher at NT$40.5.

Chen Si-ming (???), a fund manager at First Financial Holding (???), said that if the U.S. Federal Reserve leaves its interest rates unchanged, as is expected by institutional investors, global hot money will continue to pour into Taiwan's stock market.

Source: Focus Taiwan News Channel