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December, 8, 2016

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Shares move higher toward 9,300-point mark

TAIPEI--Shares in Taiwan closed higher Wednesday as most Asian markets closed up, following strong earnings reports from a number of U.S. companies, which drove solid gains on Wall Street overnight, dealers said.

The weighted index on the Taiwan Stock Exchange (TAIEX) closed up 61.41 points, or 0.67 percent, at 9,283.99, after moving between 9,226.46 and 9,298.87, on turnover of NT$72.11 billion (US$2.29 billion).

The market opened up 5.40 points at 9,227.98, and climbed at one point to approach the 9,300 benchmark, less than 40 points shy of the year's high of 9,327, before closing at 9,283.99.

The surge was mainly prompted by rises in electronics heavyweights, dealers said. Among them, Formosa Plastics Corp. (台塑) gained 2.11 percent to close at NT$82.20, while Formosa Chemicals & Fibre Corp. (台塑化纖) ended up 3.37 percent at NT$92.00 and Cheng Shin Rubber Ind. Co. (正新橡膠) rose 3.12 percent to end at NT$66.1.

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