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Taiwan shares up 1.64% led by biotech stocks

Taiwan shares up 1.64% led by biotech stocks

Taipei, Nov. 19 (CNA) Shares in Taiwan moved sharply higher Thursday to close above the 8,400-point mark, led by biotechnology stocks and buoyed by an overnight rally on Wall Street, where the Dow Jones Industrial Average closed up 247 points, dealers said.

The weighted index on the Taiwan Stock Exchange ended up 136.73 points, or 1.64 percent, at 8,477.2, after moving between 8,477.2 and 8,357.2. Turnover totaled NT$85.34 billion (US$2.61 billion) during the session.

The broad market was supported largely by a rise in biotechnology stocks, which have been the top-performing shares on the market recently, dealers said.

With investors scrambling to buy into biotech shares, several stocks such as Standard Chemical & Pharmaceutical Co. and Chunghwa Chemical Synthesis & Biotech Co. surged by the daily maximum 10 percent.

The biotech sub-index closed up 3 percent on the Taiwan Stock Exchange and finished about 2 percent higher on the over-the-counter (OTC) market. Electronics shares also performed well in the mid-session, with Catcher Technology Co. rising 2.2 percent to close at NT$320 and smartphone camera lens maker Largan Precision Co. gaining 4.3 percent to finish at NT$2,670.

Meanwhile, contract chip maker Taiwan Semiconductor Manufacturing Co. rose 2.55 percent to NT$140.5 and IC designer MediaTek Inc. climbed 2.7 percent to end at NT$265.

Analysts said a sustained bullish trend will depend on whether foreign capital returns to the market.

Although an amendment to the Income Tax Act this week removed worry about the implementation of a capital gains tax, it will take time to lure foreign funds back to the market, analysts said, adding that foreign investment is key to the market's movement. (By Han Ting-ting and Evelyn Kao)

Updated : 2021-09-22 09:30 GMT+08:00