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May 29, 2017

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Taiwan shares surge for paper, auto sectors

TAIPEI--Taiwan share prices closed up 36.85 points, or 0.43 percent, at 8,566.20 Monday, backed by strong showings in the pulp and paper as well as the automobile sectors.

The weighted index on the Taiwan Stock Exchange opened high and closed at 8,566.20, on turnover of NT$92.95 billion (US$3.10 billion).

Pulp and paper manufacturing was the best performer among the conventional industries, surging 2.24 percent.

With licensed new cars registering a year-on-year increase of 10 percent to 450,000 in January due to strong demand, prices of automobiles rose 0.72 percent, according to media reports.

Shares of Taiwan Cement Corp. (台灣水泥), a leading Taiwanese cement supplier, closed flat at NT$43.8 as the company made strides forward by intensifying its acquisitions and mergers amid plans to set up factories in India and Europe, despite the relatively weak performance of the cement sector overall, which closed 0.24 percent lower.

In electronics shares, it was reported that LG will withdraw from the notebook market and that Samsung will gradually phase out its mainstream notebook segment, allowing Taiwanese manufacturers an opportunity to take a share of the South Korean market, with shares of Asus rising NT$12.5 to close at NT$289.

Institutional investors made a total net buy of NT$3.92 billion, breaking down into a net buy of NT$3.82 billion by foreign and Chinese institutional investors, NT$134 million by investment trust firms and a net sale of NT$708 million by securities firms.

The weighted index is not expected to hit a new high in the near future after more people have been attracted to investing in the share market, said Wang Chao-li, a market analyst.

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