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Strong electronics and financial stocks close Taipei high

TAIPEI--Shares in Taiwan closed up slightly Monday on the strength of electronics and financial stocks.

The local market moved in a narrow range throughout the session as investors became more cautious ahead of the 9,200-point level.

The weighted index on the Taiwan Stock Exchange was up 6.54 points, or 0.07 percent, at 9,202.93, after moving between 9,214.19 and 9,179.56, on turnover of NT$92.008 billion (US$3.07 billion).

A local fund manager predicted that share prices will continue to maintain upward momentum, given that the fundamentals are improving, with ample funds and favorable policies.

“As July and August is traditionally a low season, the market might use the time to consolidate.” Wu Ying-liang of Taishin Securities Investment Trust said, adding that if the stock market drops, it will be a good time for investors to move in.

Wu said that two recent factors that need to be taken note of are continuously rising global oil prices amid the tension in Iraq, and the review of such major bills as the free economic pilot zones and the cross-Taiwan Strait trade-in-services pact in the current extraordinary session of the Legislature.

Hi-tech Sector the Mainstream

He said electronics stocks will be a major player in maintaining the momentum of the local market this year, especially semiconductors, electric cars, cloud broadband, Apple suppliers and niche stocks.

In terms of non-electronics stocks, Wu targeted shares related to biotechnology, environmental protection, bicycles, tires and China-concept shares.

Major electronics shares closed mixed. Large-cap stocks such as Taiwan Semiconductor Manufacturing Co. (台積電), the most heavily weighted stock in the local market, rose 0.8 percent to close at NT$124, while Hon Hai Precision Industry Co. (鴻海精密), which assembles iPhones and iPads for Apple Inc., lost 0.5 percent to close at NT$92.7.

Smartphone camera lens supplier Largan Precision Co. (大立光電) dropped 0.7 percent to close at NT$2,035, while integrated circuit designer MediaTek Inc. (聯發科) lost 0.7 percent to end at NT$496.5.

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