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Market cap rises back to NT$24 trillion level

Market cap rises back to NT$24 trillion level

Taipei, Sept. 12 (CNA) Market capitalization of the local main board rose and returned to the NT$24 trillion (US$733.94 billion) level this week after the weighted index gained almost 4 percent, as global equity markets showed signs of stabilizing to some extent, according to the Taiwan Stock Exchange (TWSE). Data compiled by the TWSE indicated that market cap of the local main board rose NT$937.79 billion or 4.01 percent from a week earlier to NT$24.3 trillion as of Friday after the weighted index rose 305.22 points or 3.81 percent from a week ago to 8,305.82 points. The gains posted by the weighted index appeared more visible on Wednesday, up 3.56 percent in one single session as investors took cues from a strong showing on Wall Street a session earlier to pick up bargains after the recent sell-off. On Tuesday, Wall Street simply followed the upturn enjoyed by the China market on the same day, and then regional markets tracked the U.S. markets to move higher Wednesday, indicating that market sentiment has improved as global bourses stabilized, dealers said.
They added that the Taipei stock exchange was no exception as investors became more upbeat about future market movement. During the week, the FTSE TWSE Taiwan 50 Index, which is comprised of the top 50 firms, such as Taiwan Semiconductor Manufacturing Co. (???), in terms of market cap gained 3.45 percent, while the Formosa Stock Index, which is comprised of all listed companies on the main board and the over-the-counter market, rose 3.96 percent. Foreign institutional investors became more willing to buy, registering a net purchase of NT$17.61 billion, with buying focusing on market heavyweights, in particular in the bellwether electronics sector, this week after shifting from a net sell of NT$5.94 billion recorded a session earlier. Among the gaining stocks, Largan Precision Co. (???), a smartphone camera lens supplier to Apple Inc., rose 4.26 percent this week, while integrated circuit packaging and testing services provider Advanced Semiconductor Engineering Inc. (???) soared 14.8 percent. TSMC, the most weighted stock in the local market, added 2 percent this week. The TWSE data showed that the electronics distribution sub-index rose 8.11 percent this week, the largest increase among the major sectors on the main board, while the fuel/utility sub-index rose 1.18 percent, the smallest gains among the sectors. The weighted index, excluding the financial sector, rose 4.07 percent, and the weighted index, excluding the electronics sector, gained 3.32 percent, while the weighted index, excluding the financial and electronics sectors, grew 3.75 percent this week. Aggregate stock turnover on the main board this week totaled NT$368.37 billion with the semiconductor sector accounting for 22.33 percent of the total trading volume, the largest portion, ahead of the optoelectronics sector with 13 percent. (By Tien Yu-pin and Frances Huang)


Updated : 2021-09-18 04:44 GMT+08:00