Alexa
  • Directory of Taiwan

Led by financial sector, Taiwan shares up 0.28%

Led by financial sector, Taiwan shares up 0.28%

Taipei, April 30 (CNA) Share prices in Taiwan rose 0.28 percent Monday, backed by gains in financial stocks, but volume remained at a relatively low level as investors continued to grapple with uncertainties hanging over the local bourse. The weighted Taiex ranged between a high of 7,501.72 and a low of 7,422.14 before closing up 21.22 points, or 0.28 percent, at 7,501.72 on turnover of NT$70.17 billion (US$2.41 billion). Trading volume for all of April shrunk to about NT$1.55 trillion, or an average of NT$77.62 billion per session, about 24 percent lower than the per-day average in March and 45 percent lower than that seen in February. A total of 1,831 stocks closed up and 2,155 finished down, while 435 remained unchanged. Most of the market's eight major stock categories closed up, with food shares scoring the highest gains at 2.2 percent, but plastics and chemical shares slipped 0.3 percent. The financial sector and construction shares outperformed the broader market throughout the trading session, finishing up 0.7 percent and 0.5 percent, respectively, after the Taiwan dollar posted strong gains against the U.S. dollar. Cement stocks gained 0.4 percent, and paper and pulp shares rose 0.2 percent. Textile shares finished unchanged. The machinery and electronics sector rose 0.2 percent as a whole, but Hon Hai Precision Industry, the world's largest electronic manufacturing services provider, closed down by the daily maximum of 7 percent at NT$92.40 after reporting lower-than-expected first quarter results. Cell phone camera lens supplier Largan Precision Co., which is part of the Apple supply chain, also closed down by the daily maximum of 7 percent to finish at NT$464.00. Many investors continued to stay on the sidelines amid uncertainty over the government's plan to tax gains on stock investments and the impact of an electricity rate hike scheduled to take effect on May 15, said Huang Wen-ching, a research manager at Taishin Securities Investment Advisory Co. The recent sharp appreciation of the Taiwan dollar against the U.S. dollar could benefit the construction, financial, and retail sectors, Huang said, but he cautioned that exchange rate losses could adversely affect the electronics sector, which is heavily export-dependent. (By Han Ting-ting and Hanna Liu)


Updated : 2021-08-05 02:17 GMT+08:00