Taiwan shares move higher, approach 9,400-point mark

Shares in Taiwan closed higher to approach the 9,400-point mark Tuesday, boosted by gains in companies in the Apple supply chain and other large-cap stocks, dealers said.

The weighted index on the Taiwan Stock Exchange ended up 63.15 points, or 0.68 percent, at 9,385.65, on turnover of NT$64.30 billion (US$2.03 billion).

The market opened up 15.59 points at 9,338.09, as buying by foreign investors continued from the previous session, but the index soon retreated to the day's low of 9,334.80 before regaining momentum and hitting a 16-month high of 9,399.97 shortly after noon.

Buying in Apple concept stocks -- Taiwanese suppliers to Apple Inc. -- surged on hopes that the latest iPhone 7 models will boost their shipments in the fourth quarter, dealers said.

Among the major Apple concept stocks, Taiwan Semiconductor Manufacturing Co. (TSMC, ???), the most heavily weighted stock on Taiwan's market, rose 1.05 percent to close at NT$193.00.

That pushed the IC foundry's market capitalization to a record high of NT$5 trillion.

Printed circuit board producer Zhen Ding Technology Holding Ltd. (??) surged 5.84 percent to end at NT$74.3, while another printed circuit board supplier Flexium Interconnect Inc. (??) gained 1.42 percent to finish at NT$92.9.

Hon Hai Precision Industry Co. (??), an assembler of iPhones and iPads, closed up 1.78 percent at NT$84.6, while Pegatron Corp. (??), which assembles the iPhone 7, rose 1.92 percent to end at NT$84.90.

Meanwhile, integrated circuit designer MeditaTek Inc. (???) finished 2.10 percent higher at NT$243.

In the non-high-tech sector, Formosa Petrochemical Corp. (????), gained 3.40 percent to end at NT$106.50.

In the financial sector, Fubon Financial Holding Co. (???) rose 1.00 percent to close at NT$44.95, and Cathay Financial Holding Co. (???) closed 0.37 percent higher to end at NT$40.40.

The main index is expected to test the 9,500-point mark in the next month if international hot money continues to flow into Taiwan, dealers said, with additional buying expected to focus on old-economy stocks more than on electronics shares.

Source: Focus Taiwan News Channel