Share prices closed 1.77 percent higher yesterday, rising sharply after Wall Street's overnight gains took the US market to a four-year high, dealers said.
They said news that the Cabinet decided to pursue talks with China on expanding bilateral air links for both passenger and cargo services gave sentiment a solid boost after the return of foreign investor interest.
The TAIEX closed up 112.03 points at 6,455.57, the highest closing level since 6,574.75 on April 28 last year.
"Improving industry prospects raised investor confidence in stock holdings," said Stanley Hsu, a manager with First Taisec Securities (
Riding on the performances of their US counterparts, local tech stocks outperformed the broader market on hopes for their prospects as well as for more positive corporate earnings guidance.
"Investors are willing to look for stocks with earnings growth momentum," Hsu said.
Besides foreign investors continuing to buy, the stock market also attracted interest from local investors wanting to build portfolios, he added.
Powerchip Semiconductor Corp (力晶半導體) closed up 1.23 percent at NT$24.80, on the back of earnings results for the second quarter and positive guidance.
Taiwan Semiconductor Manu-facturing Co (台積電), the world's largest contract chipmaker, rose 1.8 percent to NT$55.9 and rival United Microelectronics Corp (聯電) rose 4.7 percent to NT$22.3, after rallies in their respective American Depositary Receipts.
Asustek Computer Inc (華碩) gained 2.68 percent to NT$88.30, following a report that the firm had secured an order from Japan's NEC Corp for notebook computers.
DIVIDED VIEWS: Although the Fed agreed on holding rates steady, some officials see no rate cuts for this year, while 10 policymakers foresee two or more cuts There are a lot of unknowns about the outlook for the economy and interest rates, but US Federal Reserve Chair Jerome Powell signaled at least one thing seems certain: Higher prices are coming. Fed policymakers voted unanimously to hold interest rates steady at a range of 4.25 percent to 4.50 percent for a fourth straight meeting on Wednesday, as they await clarity on whether tariffs would leave a one-time or more lasting mark on inflation. Powell said it is still unclear how much of the bill would fall on the shoulders of consumers, but he expects to learn more about tariffs
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Greek tourism student Katerina quit within a month of starting work at a five-star hotel in Halkidiki, one of the country’s top destinations, because she said conditions were so dire. Beyond the bad pay, the 22-year-old said that her working and living conditions were “miserable and unacceptable.” Millions holiday in Greece every year, but its vital tourism industry is finding it harder and harder to recruit Greeks to look after them. “I was asked to work in any department of the hotel where there was a need, from service to cleaning,” said Katerina, a tourism and marketing student, who would
i Gasoline and diesel prices at fuel stations are this week to rise NT$0.1 per liter, as tensions in the Middle East pushed crude oil prices higher last week, CPC Corp, Taiwan (台灣中油) and Formosa Petrochemical Corp (台塑石化) said yesterday. International crude oil prices last week rose for the third consecutive week due to an escalating conflict between Israel and Iran, as the market is concerned that the situation in the Middle East might affect crude oil supply, CPC and Formosa said in separate statements. Front-month Brent crude oil futures — the international oil benchmark — rose 3.75 percent to settle at US$77.01
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