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TAIEX edges higher despite weak Asian stocks

TAIEX edges higher despite weak Asian stocks

The local stock market ran in a consolidation mode throughout Monday’s session with a minor gain to end the day. The Taiwan Stock Exchange's main index closed up 6.73 points, or 0.07 percent, at 9,477.67 Monday on turnover of NT$89.68 billion (US$2.87 billion).

Local shares opened 1.41 points higher despite a fall in the U.S. stocks Friday and the selling pressure from the resistance level near 9,500 points, dealers said. Asian stocks fell, with the regional benchmark index retreating from a two-month high after Greek voters handed victory to a party that has pledged to renegotiate the terms of an international bailout.

The information service sector outperformed the broader stock market, while the construction and financial sectors were the worst performers. The transportation and shipping sector added 0.5 percent with two local leading carriers Eva Air (2618) and China Airlines (2610) rising 0.8 and 1.5 percent respectively.

MediaTek Inc. (2454), Taiwan's leading fabless semiconductor company, announced Sunday that its MT6975 smartphone chip has received certification in record time by China Mobile. According to sources close to the industry, the Taiwanese chip maker received certification by the world's largest mobile phone operator, as measured by subscribers, in three weeks, much faster than the average of one to two months. Shares of the company jumped nearly 2 percent Monday to close at NT$504.

According to the TWSE, foreign institutional investors purchased a net NT$9 billion worth of shares Monday as dealers bought a net NT$208 million and securities investment trust companies sold a net NT$77 million. Net buying totaled NT$9.16 billion.

Updated : 2021-09-17 18:05 GMT+08:00