Taiwan shares closed up on Wall Street gains overnight and on strong buying by foreign institutional investors on Wednesday, dealers said. The Taiwan Stock Exchange Weighted Index added 70.17 points, or 0.73 percent, at 9,699.54 Wednesday on turnover of NT$96.14 billion (US$3.05 billion).
The Dow Jones industrial average and Standard & Poor's 500 index delivered new highs overnight, beating marks they set last week. The Dow ended up 92.35 points, or 0.5 percent, at 18,209.19.
Gains from bellwether electronic shares boosted the local stock market, dealers said. Electronic stocks outperforming the broader market on the day included MediaTek (2454), Hon Hai Precision Industry (2317), ASE (2311), and Delta (2308). MediaTek added 0.74 percent, Hon Hai up 0.58 percent, ASE up 1.64 percent, and Delta up 3.45 percent.
Among the gaining market heavyweights, Taiwan Semiconductor Manufacturing Co. (TSMC) (2330), the most heavily weighted stock in the local bourse, added 2.32 percent to NT$154.50 with its market capitalization hitting a fresh high to stand above NT$4 trillion.
The foreign institutional investors purchased a net NT$14.22 billion worth of shares on Wednesday, with total net buying amounting to NT$13.57 billion worth of shares by major institutional investors. According to the TWSE, dealers sold a net NT$385 million, and securities investment trust companies sold a net NT$269 million.