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December, 6, 2016

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Taiwan shares end higher, led by old-economy stocks

TAIPEI, Taiwan -- Shares in Taiwan recovered earlier losses Tuesday after some major old-economy stocks staged a rebound, pushing up the broader market into positive territory by the end of the session, dealers said.

Turnover remained thin, with many investors remaining cautious over upcoming earnings reports from heavyweights at home and in the U.S. market, and following lackluster performance on Wall Street overnight, where investors were wary of a possible swifter pace of U.S. Federal Reserve interest rate hikes, the dealers said.

The weighted index on the Taiwan Stock Exchange closed up 46.36 points, or 0.51 percent, at 9,222.58, after moving between 9175.07 and 9222.58, on turnover of NT$62.50 billion (US$1.97 billion).

The market opened down 1.15 points at 9,175.07 and fell to the day's low of 9,157 before closing at the day's high of 9222.58.

Select old-economy shares and the financial sector outperformed the electronics sector, with strong showing by textiles, cement, glass, plastics and chemical shares helping to vault the weighted index back into the black.

Quang Viet Enterprise Co. Ltd., an apparel manufacturing company, rose 16.03 percent to end at NT$181 on its first day of trading on the market.

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