Taiwan shares end above 3-month moving average of 10,342 points

Taipei--Shares in Taiwan closed 0.77 percent higher and above the three-month moving average of 10,342 points on Thursday, with most Asian stocks rising after U.S. stocks continued to rally, dealers said.

The Taiwan Stock Exchange's main index opened up 12.15 points and moved higher on the back of gains in financial and old-economy stocks.

The Taiex was up 78.98 points, or 0.77 percent, at 10,369.37 after moving between 10,302.54 and 10,372.41 on turnover of NT$97.54 billion (US$3.29 billion).

All major stock categories gained ground, with paper and pulp issues gaining most at 1.91 percent, while the textile sector surged 1.08 percent and financial shares were up 0.94 percent.

Among the gaining high-tech shares, Largan Precision Co. (???), a smartphone camera lens supplier, rose 0.70 percent to close at NT$5,540.00 on its ex-dividend date.

Within two minutes of the opening of the market, Largan returned to NT$5,565.00, the level before going ex-dividend (when its stock price was cut by the amount of the cash dividend per share issued to shareholders).

The strong performance of Largan shares helped drive optical stocks higher, with smartphone camera lens maker Asia Optical Co. (??) rising 9.93 percent to end at NT$98.50.

Meanwhile, Genius Electronic Optical Co. (???), Newmax Technology Co. (???) and Unique Optical Industrial Co. (???) also posted gains.

Although the stock market returned to the quarterly moving average, turnover remained below NT$100 billion, analysts said, adding that if turnover expands to NT$110 million, the index is expected to keep rising in the short term.

Foreign capital flows could be another factor to affect the market, analysts said.

Foreign institutional investors bought a net NT$2.54 billion worth of shares on the main board on Thursday.

Source: Focus Taiwan News Channel