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May 27, 2017

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Local bourse gets boost from 'Apple concept stocks'

"Investors have embraced hopes that Apple would report good results on the back of strong sale of its gadgets," Mega Securities analyst Alex Huang said. "That's why buying in the local firms in Apple's supply chain resumed today, lending some support to the broader market."

Hon Hai Precision, which assembles iPhone and iPad for Apple, rose 3.60 percent to close at NT$103.50 and cell phone camera lens supplier Largan Precision gained 4.02 percent to end at NT$543.00.

Catcher, one of Apple's casing suppliers, rose 3.16 percent to close at NT$196.00 after reporting better-than-expected earnings for the first quarter of this year.

"But market sentiment remained weak as many investors still stayed on the sidelines amid concerns over the possibility that capital gains taxes may be imposed," Huang said. "The French presidential election has also cast shadows over financial markets at home and abroad."

At the end of the session, the machinery and electronics sector scored the highest gains among the largest eight sectors of the market, finishing up 0.7 percent, while food shares were up 0.2 percent.

Textiles, plastics and chemical shares, and paper and pulp stocks fell 0.8 percent, cement stocks lost 0.6 percent, financials shed 0.4 percent, and the construction sector closed unchanged.

In the old economy sector, Formosa Plastics fell 2.50 percent to close at NT$81.90, and textile maker Far Eastern New Century ended down 1.20 at NT$33.00.

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