Taipei, Taiwan shares surged Wednesday for a seventh consecutive session, ending at a new high for 2019, despite losses on Wall Street the previous day.
The weighted index, the key barometer on the main market, rose 16.54 points, or 0.15 percent, to close at 10,868.14, the highest since the start of the year.
Over the past two days, the weighted index has climbed 147.22 points.
Turnover on Wednesday reached NT$128.465 billion (US$4.2 billion), boosted by last-minute buying in electronics, financial and conventional shares.
According to analysts, the strong buying in the last 30 minutes of the session was driven by news that the International Monetary Fund had revised its forecast for Taiwan's 2019 economic growth from 2.4 percent to 2.5 percent.
The positive lead temporarily alleviated investors' concerns over Taiwan's economic fundamentals and prompted them to buy into worthy stocks, analysts said, forecasting that the weighted index will soon challenge the 11,000-point level.
Taiwan Semiconductor Manufacturing Co. (TSMC), the world's leading dedicated chip foundry, ended unchanged at NT$254.
Largan Precision Co., a supplier of smartphone camera lenses to Apple Inc. and the most expensive stock on the local bourse, dropped 1.1 percent to NT$4,770.
Hon Hai Precision Industry Co., an iPhone assembler, closed up 0.61 percent at NT$83.
Institutional investors said that in the current downbeat business climate, the performance of individual stocks will vary a lot, depending on the upcoming Q1 earnings reports by companies.
Source: Focus Taiwan News Channel