The TAIEX yesterday moved higher to close above 11,600 points as investors picked up large-cap stocks after US markets showed gains overnight.
The bellwether electronics sector drove the upturn on the local market, led by contract chipmaker Taiwan Semiconductor Manufacturing Co (TSMC, 台積電).
The TAIEX ended up 89.97 points, or 0.78 percent, at 11,664.04, on turnover of NT$120.704 billion (US$4.01 billion) on the Taiwan Stock Exchange.
“It remained a liquidity-driven rally today,” Mega International Investment Services Corp (兆豐國際投顧) analyst Alex Huang (黃國偉) said, referring to a stronger New Taiwan dollar that continued to attract foreign funds.
“As US markets performed well, investors here left behind their worry over the Wuhan virus and went bargain-hunting,” he said, referring to the 2019 novel coronavirus.
Huang said tech stocks remained the favorites of many investors.
Foreign institutional investors bought a net NT$1.29 billion of local shares yesterday, Taiwan Stock Exchange data showed.
“TSMC was highlighted on the main board after it reported strong sales for January, which showed it was not affected by the slow season in the first quarter,” Huang said.
On Monday, TSMC reported consolidated sales of NT$103.68 billion for last month, up 0.4 percent from a month earlier.
TSMC shares rose 1.22 percent to close at NT$331.5, IC designer MediaTek Inc (聯發科) shares gained 2.63 percent to NT$390, while those of iPhone assembler Hon Hai Precision Industry Co (鴻海精密) rose 1.10 percent to NT$82.9.
Shin Kong Financial Holding Co (新光金控) rose 2.05 percent to end at NT$9.94, Fubon Financial Holding Co (富邦金控) added 1.88 percent to NT$46 and Cathay Financial Holding Co (國泰金控) gained 1.83 percent to NT$41.65.
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