Taipei, Shares in Taiwan edged higher Thursday after U.S. equities were buoyed by gains in technology stocks overnight.
The weighted index on the Taiwan Stock Exchange, or Taiex, closed up 13.63 points, or 0.12 percent, at the day's low of 10,941.07, after hitting a high of 10,992.31, on turnover of NT$136.86 billion (US$4.53 billion).
The market opened up 22.41 points at 10,949.85 and rose to the day's high, approaching 11,000 points, led by the electronics and financial sectors.
The gains, however, were pared down later in the session as select large-cap stocks in the electronics sector could not maintain their early upward momentum.
The electronics subindex rose 0.22 percent, while the financial subindex closed up 0.04 percent.
The showings of large-cap electronics shares were mixed, with shares in Largan Precision Co., a smartphone camera lens supplier to Apple Inc., surging 2.04 percent to close at NT$4,495.00, while contract chipmaker Taiwan Semiconductor Manufacturing Co. (TSMC), the most heavily weighted stock on the local market, rose 0.22 percent to end at NT$226.50.
Also in the electronics sector, iPhone assembler Hon Hai Precision Co., second to TSMC in terms of market value, lost 0.36 percent to end at NT$82.70.
Smartphone camera lens suppliers Genius Electronic Optical Co. and Ability Opto-Electronics Technology Co., which had both gained 1 percent at one point, shed 2.45 percent and 1.23 percent to close at NT$518.00 and NT$64.20, respectively.
Electronic component manufacturer Yageo Corp. also fell back from early gains of over 3 percent to close 2.28 percent down at NT$987.00.
In the financial sector, Cathay Financial Holding Co. added 0.72 percent to end at NT$55.90 and Fubon Financial Holding Co. rose 0.37 percent to close at NT$53.90, while China Trust Financial Holding Co. closed 0.69 percent lower at NT$21.70 and Mega Financial Holding Co. remained unchanged at NT$26.60.
An analyst with Fubon Securities Investment Services Co. said the market is expected to continue in the technical correction mode and could fluctuate wildly in the short term amid escalating trade tension between the United States and China. It might test the previous low of 10,799 points or the 12-month moving average of 10,703 points, the analyst added.
Foreign institutional investors sold a net NT$9.07 billion-worth of shares on the main board on Thursday, according to the Taiwan Stock Exchange.
Source: Focus Taiwan News Channel