Shares on the Taiwan Stock Exchange yesterday rebounded on the back of major high-tech and financial stocks, despite worries about the escalating trade war between the US and China.
The weighted index, the key barometer of the local bourse, at one point rallied 122 points before ending at 10,857.27, up 97.06 points, or 0.9 percent, from the previous close.
Turnover totaled NT$127.639 billion (NT$4.15 billion).
Taiwan Semiconductor Manufacturing Company (TSMC, 台積電), the most heavily weighted stock on the local stock market and a key Apple-concept stock, gained 1.38 percent to finish at NT$258.
Hon Hai Precision Industry Co (鴻海精密), the world’s largest contract electronics maker, which assembles iPhones and iPads for Apple Inc, rose 0.79 percent to NT$76.4.
Largan Precision Co (大立光), a smartphone camera lens supplier to Apple, finished 0.13 percent higher at NT$3,865.
Shares in Yageo Corp (國巨), a leading provider of passive components, rose to a high of NT$522 during the session before falling 4.39 percent to end in negative territory at NT$479.
Walsin Technology Corp (華新科技), the nation’s second-largest passive components supplier, was dragged down by Yageo to finish 5.54 percent lower at NT$221.5.
Most prime financial stocks rose, with Fubon Financial Holding Co (富邦金控) rising 0.6 percent to NT$50.3, Cathay Financial Holding Co (國泰金控) inching up 0.98 percent to NT$51.4 and Mega Financial Holding Co (兆豐金控) gaining 0.75 percent to end the day at NT$27.
Although stock markets around the world have been jittery on growing concerns over a worsening US-China trade war, panic selling has not set in, which means there is little chance that the local bourse will dip much further, analysts said.
In addition, sales of new iPhones are likely to beat forecasts, which would help sustain the local stock market, they added.
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