Taipei--Taiwan shares rose 1.41 percent to end the day above the 9,900-point mark on Wednesday on the back of strong performances by Hon Hai Precision Industry Co. (??), the world's largest contract electronics maker and a key Apple supplier, and companies in the supply chain of U.S. electric vehicle maker Tesla, dealers said.
The Taiwan Stock Exchange's main index rose 137.96 points, or 1.41 percent, ending the day at a high of 9,949.48, on turnover of NT$124.076 billion (US$4.08 billion).
Hon Hai, which reported record-breaking annual and quarterly profits in fourth-quarter financial results filed with the Taiwan Stock Exchange on Friday, led an upturn throughout the session, dealers said.
Shares in Hon Hai rose 7.69 percent to end at NT$98, with 170 million shares exchanged on turnover of NT$16.5 billion.
Taiwan Semiconductor Manufacturing Co. (TSMC, ???), the most heavily weighted stock on the local market, added NT$4.00 to end at NT$193.00.
Meanwhile, after Tesla shares surged earlier this week to a new high following a record number of first-quarter deliveries, shares in several Taiwanese companies in the company's supply chain saw heavy gains on the local stock market on Wednesday, dealers said.
Shares in auto part supplier Hota Industrial Manufacturing Co. (??) rose 3.15 percent to end at NT$131.00, while electric vehicle harness maker BizLink Holding Inc. (??) gained 3.48 percent to close at NT$178.5.
KGI Securities Investment Advisory Co. analyst Hsu Kao-ming (???) attributed the gains on the local stock market to support from large-cap stocks such as Hon Hai and TSMC and a significant increase in turnover during the session.
If daily turnover remains about NT$120 billion over the next few days, there is a good chance the market will challenge the 10,000-point mark, Hsu said.
Foreign institutional investors bought a net NT$25.098 billion worth of local shares last week, according to Taiwan Stock Exchange (TWSE) data.
Source: Focus Taiwan News Channel