Taipei, Boosted by hi-tech shares, particularly Taiwan Semiconductor Manufacturing Co. (TSMC), Taiwan's shares closed up 110.02 points from the previous finish, with the weighted index on the Taiwan Stock Exchange (TWSE) or the Taiex ending the day at 11,099.57 Wednesday.
The weighted index, the key barometer for the local bourse, opened at 11,029.12 and hovered between 11,099.57 and 11,029.11 during the session. Turnover totaled NT$118.585 billion (US$3.86 billion).
Gaining shares outnumbered falling stocks 440 to 332, with 150 remaining unchanged.
Analysts attributed the gains to an announcement by GlobalFoundries Monday that it will cease 7 nm fabrication processes, an important strategic shift that will allow TSMC to dominate manufacturing processes that use the advanced technology worldwide.
TSMC, the most heavily weighted stock on the TWSE, rallied 3.8 percent to end the day at NT$259, contributing nearly 80 percent of the gains recorded by the weighted index.
Shares in Delta Electronics Inc., an electronics manufacturing company, jumped 5.8 percent to NT$118.5 on foreign institutional buying.
TSMC, Delta and the passive components sector were major drivers of the market, which has made major gains in two consecutive sessions, analysts said.
Whether small and medium-sized stocks join the rally will be the key to the future movement of the market, which has a high point for the year of 11,250 points, they said.
Source: Focus Taiwan News Channel