Taipei--Shares in Taiwan closed slightly higher Monday and remained above the monthly moving average of 10,425 points for the eighth consecutive trading session.
The weighted index on the Taiwan Stock Exchange closed up 4.28 points, or 0.04 percent, at the day's high of 10,427.33 on turnover of NT$95.56 billion (US$3.23 billion).
The market opened at 10,396.76 points after stocks were mixed on Wall Street with the Dow Jones Industrial Average closing 0.15 percent higher at 21,830.31 points, while the S&P 500 Index fell 0.13 percent to end at 2,472.10 points and the tech-heavy Nasdaq index posted a 0.12 percent slide to end at 6,374.677 points.
The main index in the local market hit a low of 10,366.17 before buying emerged, focusing on electronics and financial shares, which helped pull the index into positive territory and stay above the monthly moving average.
The electronics sub-index ended 0.08 percent higher, while the financial sub-index dropped 0.06 percent.
Among gaining electronics shares, contract chip maker Taiwan Semiconductor Manufacturing Co. (TSMC, ???), the most heavily weighted stock in the local market, rose 0.7 percent to end at NT$214.50.
Shares in smartphone camera lens producer Largan Precision Co. (???) added 1.19 percent to end at NT$5,510.00.
Integrated circuit packaging and testing services provider Advanced Semiconductor Engineering Inc. (???) ended unchanged at NT$40.60 and Hon Hai Precision Industry Co. (??), an assembler of iPhones and iPads, also closed unchanged at NT$117.50.
Taishin Taiwan Small and Medium Cap Fund manager Wang Zhong-liang (???) said the Taiex has hovered around the 10,000-point mark and investors should be alert to a possible rise in profit-taking selling pressure in the short term.
Looking to the future, Wang said market performance will depend on whether the financial and old-economy sectors improve, small and medium-cap stocks rebound and turnover remains above NT$80 billion.
Foreign institutional investors sold a net NT$1.212 billion in shares on Taiwan's main exchange Monday, according to the Taiwan Stock Exchange.
Source: Focus Taiwan News Channel