Taiwan shares end above 11,000 points

Taipei, Shares in Taiwan moved higher Thursday to close above the 11,000 point mark despite an interest rate hike in the United States and a falling Wall Street overnight.

While the U.S. markets dropped Wednesday, the weighted index on the Taiwan Stock Exchange (Taiex), ended up 60 points Thursday, or 0.55 percent, at 11,034.19. Turnover totaled NT$122.88 billion (US$4.02 billion) during the session.

The market opened down 0.42 points at 10,973.77 and moved between 10,961.27 and 11,051.09 before the close.

All the major stock categories gained ground except for the foodstuff sector, which fell 0.46 percent, and the textile segment, which lost 0.04 percent.

The bellwether electronics index ended 0.37 percent higher, while the financial index surged 0.78 percent.

Among the major electronics stocks, contract chip maker Taiwan Semiconductor Manufacturing Co., the most heavily weighted stock on the local market, gained 0.57 percent to end at NT$265.00, while Hon Hai Precision Industry Co., an assembler of iPhones and iPads, closed up 1.8 percent at NT$78.70.

Largan Precision Co., a smartphone camera lens supplier to Apple, finished 0.27 percent higher at NT$3,780.00.

Among passive component stocks, shares in Yageo Corp. shed 4.9 percent to close at NT$466.00 and Wahsin Technology Corp. lost 6.6 percent to end at NT$212.00. Holy Stone Enterprise Ltd. Co. finished 5.3 percent lower at NT$132.50.

In the financial sector, Cathay Financial Holding Co. dropped 0.38 percent to close at NT$52.80, while Fubon Financial Holding Co. rose 1.7 percent to end at NT$51.90, and CTBC Financial Holding Co. gained 2.6 percent to finish at NT$23.00.

An analyst with Mega International Investment Services Corp. said that despite the ongoing trade war between the U.S. and China, there were no negative factors affecting the Taiex, which is expected to find technical support at 10,800-10,900 points in the near future.

The Taiex was not affected by the U.S. Federal Reserve's decision on Wednesday to hike its federal funds rate target range by a quarter point to 2.00-2.25 percent, which pushed U.S. shares lower amid concerns that the hike will likely cause a ripple effect across the entire U.S. economy, particularly on the borrowing costs for consumers and businesses.

Foreign institutional investors in Taiwan recorded a net buy of NT$12.85 billion shares on the main board Thursday, according to Taiex data.

Source: Focus Taiwan News Channel