Tai­wan shares up; Lar­gan fin­ishes above NT$3,000

The China Post - - TAIWAN BUSINESS -

Shares in Tai­wan closed higher Wed­nes­day with the help of the bell­wether elec­tron­ics sec­tor, which staged a tech­ni­cal re­bound on ac­tive bar­gain hunt­ing af­ter the tech-heavy Nas­daq posted gains overnight, deal­ers said.

Lar­gan Pre­ci­sion Co. ( ), a lead­ing smart­phone cam­era lens sup­plier in Tai­wan, closed above the NT$3,000 mark for the first time in its his­tory amid grow­ing op­ti­mism over the com­pany’s earn­ings prospects, they said.

Buy­ing in other high-tech heavy­weights, such as con­tract chip maker Tai­wan Semi­con­duc­tor Man­u­fac­tur­ing Co. (TSMC,

) and in­te­grated cir­cuit pack­ag­ing and testing ser­vices provider Ad­vanced Semi­con­duc­tor En­gi­neer­ing Inc. (ASE, ), fur­ther lifted the broader mar­ket be­fore the close, deal­ers said.

The weighted in­dex on the Tai­wan Stock Ex­change closed up 79.02 points, or 0.82 per­cent, at 9,613.00, af­ter mov­ing be­tween 9,549.61 and 9,630.79, on turnover of NT$102.39 bil­lion (US$3.29 bil­lion).

The mar­ket opened up 0.23 per­cent as Lar­gan shares ex­tended their mo- men­tum from a ses­sion ear­lier, and buy­ing in TSMC and other elec­tron­ics blue chips vaulted the in­dex past 9,600 points, deal­ers said.

“Buy­ing in Lar­gan shares showed in­vestor con­fi­dence in the com­pany af­ter its bet­ter-than-ex­pected first quar­ter re­sults,” Mega In­ter­na­tional In­vest­ment Ser­vices Corp. an­a­lyst Alex Huang.

Con­sid­ered an im­por­tant sup­plier of Ap­ple Inc., Taichung-based Lar­gan rose 4.07 per­cent to close at a his­tor­i­cal high of NT$3,065.00, with 1.05 mil­lion shares chang­ing hands.

Newspapers in English

Newspapers from Taiwan

© PressReader. All rights reserved.