Shares on the Taiwan Stock Exchange closed above 9,000 points yesterday as “Apple concept stocks” continued their momentum, helping the broader market to clear the high technical hurdles ahead of that level, dealers said.
Local suppliers to Apple Inc, including smartphone camera maker Largan Precision Co (大立光), posted significant gains on hopes that the US consumer-electronics giant will launch new gadgets later this year and thus boost these suppliers’ shipments, they said.
Buying spread to the financial sector and select old-economy stocks, pushing the index even higher as bargain hunters took advantage of the relative low valuation of such stocks after recent consolidation, they added.
The TAIEX ended up 38.59 points, or 0.43 percent, at the day’s high of 9,008.22, on turnover of NT$96.11 billion (US$3.19 billion).
The buying extended to other local Apple suppliers after shares of the US firm hit a 19-month high overnight, and non-high-tech stocks also rode the wave, late in session in particular, helping to vault the index past 9,000 points at the close, dealers said.
“Foreign institutional investors have built a large chunk of long-position contracts in the futures market. I am not surprised that the bellwether electronics sector continued its uptrend, pushing the index past 9,000 points today,” KGI Securities (凱基證券) analyst Phil Chu said.
Among the Apple concept stocks, Largan rose 4.79 percent to close at NT$2,080.00 after CIMB Securities raised its target price on the stock to NT$2,450 from NT$2,350.
Meanwhile, Hon Hai Precision Industry Co (鴻海精密), which assembles iPhones and iPads for Apple, gained 1.09 percent to end at NT$93 and metal casing supplier Catcher Technology Co (可成) added 3.70 percent to close at NT$280.
However, Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), the most heavily weighted stock on the local market, ended flat at NT$122, while integrated circuit designer MediaTek Inc (聯發科) fell 1.29 percent to close at NT$498.50.
“If TSMC had posted gains, the broader market would have moved even higher at the close,” Chu said.
In the financial sector, Fubon Financial Holding Co (富邦金控) gained 1.59 percent to close at NT$41.50 and Mega Financial Holding Co (兆豐金控) added 1.47 percent to end at NT$24.15.
“With the index having breached 9,000 points, the next strong technical resistance will be 9,200 points,” Chu said. “If turnover expands to NT$100 billion or higher, the local bourse will have a better chance of overcoming the upcoming technical difficulties.”
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