Taiwan shares extend gains for 7th straight session

Shares in Taiwan extended gains Monday for the seven consecutive session following a strong showing in the U.S. and European markets at the end of last week and a rising Taiwan dollar, dealers said.

Taiwan shares ended slightly higher after climbing to a four-month high of 8,700, led by old economy stocks, while electronics issues faced selling pressure.

The Taiwan Stock Exchange's main index closed up 16 points, or 0.19 percent, at 8,659.55 Monday on turnover of NT$96.99 billion (US$2.96 billion).

Old economy stocks, including Taiwan Glass Industry Co. (台玻), TSRC Corp. (台橡), China Steel Corp. (中鋼), Taiwan Cement Corp. (台泥) and Asian Cement Corp. (亞泥), posted gains, and the financial sector continued to steam higher on bargain hunting.

Bucking the downward trend in the bellwether electronics sector, HTC Corp. (宏達電), a smartphone brand, gained 10 percent, the maximum daily increase, for the second consecutive session to close at NT$99, after the company reported strong pre-order sales of its virtual reality headset HTC Vive and robust revenue from its wearable devices.

A rising Taiwan dollar was evidence that foreign investors moved more funds into the local market and ample liquidity is expected to prompt investors to pick up stocks and boost the market, dealers said.

(By Hang Ting-ting and Evelyn Kao)