Stocks rose for a second consecutive session yesterday, led by strength in liquid-crystal-display (LCD) stocks and on continued net buying by foreign investors.
The Weighted Price Index of the Taiwan Stock Exchange rose 59.95 points, or 1 percent, to 6358.81, after gaining 1.6 percent on Monday.
LCD panel shares led the market higher on anticipation of price rises and shipment growth in the third quarter, KGI Securities (中信證券) trader Paul Wang said.
Korea's LG.Philips LCD, the world's largest flat panel maker, said Monday it expects panel shipments to show a sequential increase in the "mid-teen percentage" range in the third quarter on growth in the monitor and TV segments. It also forecast the average selling price of LCD panels in the third quarter would rise in a single-digit percentage range from the second quarter.
"The market continued yesterday's momentum, and panels that lagged yesterday, led the gains," Wang said.
AU Optronics (友達光電) gained 2.1 percent to NT$53, Chi Mei Optoelectronics (奇美電) rose 1.8 percent to NT$48.55 and Quanta Display added 1 percent to NT$15.75.
"Foreign investors increased buying into tech shares," Wang said. The bourse is still relatively underweight compared with other Asian markets, traders said.
Expectations for a recovery in the chip foundry industry boosted shares of Taiwan Semiconductor Manufacturing (台積電), which rose 0.5 percent to close at NT$57.10, and United Microelectronics (聯電), which gained 2.5 percent to NT$24.85.
Dynamic-random-access-memory chip makers ended mixed yesterday after Monday's rally.
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