Equity market rises 0.41% on Nuke 4-related speculation
By Kathryn Chiu, The China Post
April 29, 2014, 12:03 am TWN
TAIPEI, Taiwan -- The local equity market on Monday rose 0.41 percent, the most in two weeks, on speculation that the government will step in to cushion the impact of mothballing the Fourth Nuclear Power Plant.
Concurrently, Largan Precision Co. (大立光電) yesterday continued its gaining streak and closed up 6.13 percent at NT$ 1,990, putting the company on the course to enjoy the title as the most expensive stock in Taiwan ever.
Taiwan's equity market dropped by as much as 1.2 percent earlier yesterday before rebounding after United Evening News cited unnamed sources to report that institutional investors including four major government funds and insurers bought shares.
According to Taiwan Stock Exchange's data, Taiwan shares increased 0.4 percent to 8,809.71 at the close, the biggest gain since April 15. Boosted by foreign institutional buying, Apple's major smartphone camera lens supplier Largan Precision yesterday ran into NT$1,990 at the end of yesterday's session, breaking the record of NT$1,975 set by Cathay Financial Holding Co. (國泰金控) 25 years ago.
Meanwhile, the U.S. dollar fell against the New Taiwan dollar on Monday, shedding NT$0.035 to close at NT$30.285. Turnover totaled US$531 million during the trading session.