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Local market closes higher on Wall Street strength

TAIPEI, Taiwan -- Shares in Taiwan closed higher Wednesday as investors took cues from Wall Street's strength overnight, but turnover fell as many foreign institutional investors were away for the Christmas holidays, dealers said.

Due to the thin trading volume, many large-cap stocks in both the electronics and old economy sectors remained in consolidation mode, which prevented the index from rising further by the end of the session, they said.

The weighted index closed up 17.27 points, or 0.20 percent, at 8,467.76, after moving between 8,457.87 and 8,484.05 on turnover of NT$58.07 billion (US$1.94 billion).

Among the large-cap high-tech stocks, Taiwan Semiconductor Manufacturing Co. (TSMC, 台積電), the most heavily weighted index in the local market, closed unchanged at NT$103.00.

Innolux Corp. (群創光電) and AU Optronics Corp. (友達光電), two of Taiwan's leading flat panel suppliers, rose 2.79 percent and 1.86 percent, respectively, to close at NT$11.05 and NT$9.29.

In the non-high tech sector, Yuanta Financial Holding Co. (元大金控) gained 0.60 percent to close at NT$16.90, and Fubon Financial Holding Co. (富邦金控) rose 0.35 percent to end at NT$42.75, while Wei Chuan Foods Corp. (味全食品) fell 0.20 percent to NT$50.30.

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