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May 24, 2017

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Local shares edge higher in consolidation

TAIPEI--Shares in Taiwan ended slightly higher Monday amid consolidation mode in the absence of clear trading cues, dealers said.

The weighted index of the Taiwan Stock Exchange closed up 28.28 points or 0.3 percent at 9,162.74 after moving between 9,138.93 and 9,166.58 on turnover of NT$97.92 billion (US$3.26 billion).

The bellwether electronics sector contributed 80 percent of the turnover. Electronics stocks rose 0.46 percent.

Shares of major high-tech companies including Taiwan Semiconductor Manufacutring Co. (台積電), Advanced Semiconductor Engineering Inc. (日月光) and MediaTek Inc. (聯發科) all moved up.

The photovoltaics sector was bullish thanks to good revenue growth in May and expectations that Taiwan's solar product makers will benefit from the U.S. decision to impose anti-subsidy tariffs on Chinese solar equipment imports.

Shares of E-Ton Solar Tech Co. (益通), Green Energy Technology Inc. (綠能) and Taienergy Tech Co. (太極能源) all rose by the maximum 7 percent to reach NT$20.2, NT$27.55 and NT$25.4, respectively.

Shares of touch panel maker TPK Holding Co. (宸鴻), a supplier of Apple Inc., also gained 7 percent to close at NT$258 after the company reported a 20.7-percent month on-month growth in consolidated sales in May. TPK is expected to gain from the launch of Apple's new products in the second half of this year.

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