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Local shares move higher, dollar slides lower

TAIPEI, Taiwan -- Shares in Taiwan on Monday closed up 86.95 points or 0.95 percent at 9,172.91 while the U.S. dollar fell against the New Taiwan dollar, shedding NT$0.014 to close at NT$30.052.

The weighted index on the Taiwan Stock Exchange closed up 86.95 points, or 0.95 percent, at 9,172.91, after moving between 9,107.21 and 9,184.96 on turnover of NT$82.87 billion (US$2.77 billion).

The greenback opened at NT$30.066 and moved between NT$29.850 and NT$30.070 before the close.

Shares in Taiwan moved higher Monday, as investors were encouraged by the gains posted on Wall Street on Friday when the Dow Jones Industrial Average rose 185 points, dealers said.

The electronics sub-index gained 1.05 percent, with weighted shares such as AU Optronics (AUO,友達光電), Innolux Corp. (群創光電) and Wistron Corp. (緯創資通) rising amid rosy sales outlooks for the fourth quarter.

Qisda Corp.(佳世達科技), Inotera Memories (華亞科技), Elite Semiconductor Memory Technology Inc. (晶豪科技) and ITE Technology Inc. (聯陽半導體主) all soared by the daily maximum of 7 percent to NT$15.5, NT$46.45, NT$50.6 and NT$37.25, respectively.

The day's upward momentum failed to lift heavy selling pressure from LCY Chemical Corp (李長榮化工).

The privately run chemical company, which is suspected of being responsible for the deadly gas explosions that jolted Kaohsiung on July 31, saw its shares drop by 7 percent, the daily maximum, for the seventh consecutive session to NT$15.15.

In total, the plunge has cut the company's market capitalization by NT$8.4 billion to NT$12.92 billion.

The food, textile and financial sectors were relatively strong, gaining 1.37 percent, 1.36 percent and 1.29 percent, respectively.

Hon Hai a Great Buy

Hon Hai Precision Industry (鴻海精密), the world's largest contract electronics maker, yesterday moved higher by NT$1.5, or 1.46 percent, to close at NT$104 despite a new 17-month-low July sales of NT$260.22 billion.

Some major foreign brokerages yesterday said they expected Hon Hai's top lines to stage a rebound in August and September on the back of the iPhone6 launch.

Hon Hai Precision Industry Co., saw its sales for July fall to a new 17-month low with market analysts attributing the decline to the impact from a product transition period.

Asustek Computer (華碩電腦) has posted consolidated revenues of NT$40.19 billion for July, increasing 18.51 percent sequentially and 12.29 percent. January-July consolidated revenues rose 2.47 percent on year to NT$255.723 billion.

Asustek's brand sales revenues for July stood at NT$36.781 billion, growing 19.27 percent sequentially and 14.26 percent on-year.

According to the Chinese-language Economic Daily News, Asustek's notebook and smartphone shipments in July increased on-month by 10 percent and 30 percent, respectively.

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