Taiwan shares end higher after strong U.S. lead

Taipei, Shares in Taiwan ended higher Tuesday following strong performance on Wall Street overnight.

The Taiwan Stock Exchange's main index closed up 146.74 points, or 1.35 percent, at 10,986.79, on turnover of NT$129.68 billion (US$4.45 billion).

The market opened up 61.64 points at 10,901.69 and moved higher to end at the day's high, recouping much of the big losses recorded last Friday, when the main index closed down 182.51 points, or 1.66 percent, at 10,823.33, following news that the U.S. plans to impose tariffs on US$60 billion-worth of Chinese imports.

All the major stock categories gained ground.

In the electronics sector, Taiwan Semiconductor Manufacturing Co. (TSMC), the world's largest contract chipmaker, rose 3.08 percent to end at NT$251.00, due mainly to the strong performance of its American depositary receipts (ADRs) overnight.

Meanwhile, iPhone assembler Hon Hai Precision Industry Co. gained 1.11 percent to close at NT$91.20.

Largan Precision Co., a supplier of smartphone camera lenses to Apple Inc., lost 2.29 percent to close at NT$3,420.00, giving up much of the 2.94 percent gain posted in the previous session.

Foreign institutional investors bought a net NT$2.54 billion-worth of shares on the main board Tuesday.

Market analysts said that as concern over a potential trade war between China and the United States is expected to ease, foreign capital began flowing into the local market, pushing the main index higher.

If the momentum continues, the market is expected to continue its upward trend in the short term, analysts said.

Source: Focus Taiwan News Channel