Taipei--Shares in Taiwan closed 0.38 percent higher on Thursday, up for the third consecutive session, on a strong showing by two tech heavyweights -- contract chip maker Taiwan Semiconductor Manufacturing Co. (TSMC, ???) and contract electronics maker Hon Hai Precision Industry Co. (??).
Meanwhile, most Asian markets rose on Thursday after U.S. benchmarks hit new highs overnight and Federal Reserve Chair Janet Yellen said the U.S. economy should continue to expand over the next few years.
The weighted index on the Taiwan Stock Exchange closed up 39.47 points, or 0.38 percent, at 10,460.15, after moving between 10,418.74 and 10,485.28 on turnover of NT$114.94 billion (US$3.87 billion).
Almost all the major stock categories gained ground except for the foodstuffs sector which lost 0.12 percent and paper and pulp issues that fell 0.18 percent.
In the bellwether electronics sector, TSMC, the world's largest contract chip maker and the most heavily weighted stock on the exchange, rose 1.90 percent to close at NT$214.50.
Shares in Hon Hai Precision, the world's largest contract electronics maker, gained 1.30 percent to close at NT$115.50, while smartphone camera lens supplier Largan Precision Co. (???) slid 1.75 percent to end the day at NT$5,335.00.
The local stock market has posted gains and turnover in excess of NT$100 billion for three consecutive sessions and if the market stages a pullback, it is expected fall only slightly, an analyst said on Thursday.
The market's further performance could in part hinge on the message relayed at TSMC and Largan investor conferences scheduled for Thursday, the analyst said.
According to the Taiwan Stock Exchange, foreign institutional investors bought a net NT$846 million-worth of shares on the main board that day.
Source: Focus Taiwan News Channel