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Taiwan shares rise but fail to clear 8,400 points

Taiwan shares rise but fail to clear 8,400 points

Taipei, May 25 (CNA) Shares in Taiwan got a boost Wednesday from overnight gains on Wall Street but closed to below the 8,400-point mark, dealers said.

U.S. stocks closed more than 1 percent higher Tuesday, following encouraging reports on the housing market and sharp gains in European stocks. The Dow Jones industrial average and S&P 500 posted their best day since March 11 and the Philadelphia SE Semiconductors Index (SOX) hit a record high for the year so far.

The weighted index on the Taiwan Stock Exchange closed up 95.54 points, or 1.15 percent, at 8,396.20, after moving between 8,417.27 and 8,352.84, on turnover of NT$78.929 billion (US$2.42 billion).

Led by heavyweights in the bellwether electronics sector, the local stock market opened up 52.18 points and breached the 8,400-point mark at one point, dealers said.

Hon Hai Precision Industry Co., an assembler of iPhones and iPads, gained 2.62 percent to end at NT$78.40.

Smartphone vendor HTC Corp. climbed 9.96 percent, close to the daily maximum gain of 10 percent, to end at NT$74.

Taiwan Semiconductor Manufacturing Co. (TSMC), the most heavily weighted stock on the local market, rose 2.32 percent to close at NT$154.5.

Foreign institutional investors bought a net NT$4.84 billion-worth of shares on the local main board Wednesday.

Boryi Chien, a manager at Cathay Securities Co., said market sentiment has turned somewhat bullish as concerns over Taiwan's ties with China have temporarily abated since the inauguration of President Tsai Ing-wen on May 20.

Chien said the market is likely to challenge the quarterly moving average of 8,504 soon, driven mainly by electronics shares. (By Esme Jiang and Evelyn Kao)

Updated : 2022-05-26 10:32 GMT+08:00