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Taiwan shares close almost flat on thin turnover

Taiwan shares close almost flat on thin turnover

Taiwan shares closed up 20.28 points, or 0.24 percent, at 8,485.73 Monday on thin turnover thanks to a rebound led by plastics and chemicals issues.

The weighted index on the Taiwan Stock Exchange opened at 8,480.59 and fluctuated between a high of 8,503.08 and a low of 8,450.01.

A total of 3.51 billion shares changed hands on market turnover of NT$69.75 billion (US$2.14 billion). Foreign institutional investors bought a net NT$2.83 billion-worth of local shares.

The plastics and chemicals sector was the biggest gainer, rising by 1.2 percent, followed by electronics and machinery issues, which gained 0.24 percent.

OBI Pharma, Inc. a biotechnology company that recently got listed on the GreTai Securities Market Exchange as an emerging company, surged 5.5 percent to close at NT$551.

Solar wafer maker Gigastorage Corp.gained 6.7 percent to end at NT$31.05.

Chu Yiu-chih, general manager of KGI Securities Investment Advisory Co. Ltd. , said that the major stock market closed almost flat mainly due to insufficient momentum to drive stock prices significantly higher.

With investors scrambling to buy into mid- and small-cap stocks, trading was brisk in the GreTai Securities Market Exchange, with biotech, automotive electronics and some well-performing electronics shares among the strong performers in the market, according to Chu.

The short-term outlook for solar energy, biotech and automotive electronics is bright, Chu added. (By Pan Chi-i and Evelyn Kao)

Updated : 2021-09-17 05:50 GMT+08:00