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