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Taiwan shares outperform major Asian markets after hitting new high

Despite market optimism, analysts believe COVID outbreaks and US rate rise concerns pose a downside risk

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Taiwan Stock Exchange opens in the red on Wednesday, meaning shares have gone up.  

Taiwan Stock Exchange opens in the red on Wednesday, meaning shares have gone up.   (CNA photo)

TAIPEI (Taiwan News) — Shares on Taiwan's main bourse ended at a historic high on Thursday (July 15) and outperformed gains on exchanges in Japan, South Korea, Shanghai, Shenzhen, Hong Kong, and Singapore.

The Taiwan Stock Exchange recorded a 21.13% increase as of Wednesday (July 14), the Financial Supervisory Commission (FSC) said. It settled even higher at 18,034.19 points on Thursday thanks to strong momentum in shipping and electronics stocks, with a trading turnover of NT$454.90 billion (US$16.25 billion).

South Korea's KOSPI recorded a rise of 13.62%, followed by 10.88% on Singapore's STI, 4.24% on Japan's TOPIX, 4.05% on China's SZSC, 2.04% on Hong Kong's HSI, and 1.6% on China's SSEC, as of Wednesday. Market analysts attributed the growth momentum in the Taiwan stock market to solid fundamentals.

Despite the market optimism, investors should be cautious about downside risks tied to a U.S. interest rate rise and new COVID-19 outbreaks worldwide, warn analysts.

On Friday (July 16), shares in the market opened lower a day after Taiwan Semiconductor Manufacturing Company (TSMC) issued an earnings report that fell short of expectations. TSMC shares dropped 3.75% during the session.


Updated : 2021-09-18 04:46 GMT+08:00