Taiwan shares rise to 7 1/2-year high on Wall Street rally and strong electronics performance


AP

TAIPEI, Taiwan — Taiwan’s stock market rose to 7 1/2-year high Monday, boosted by Wall Street rally at the end of last week and strong third-quarter earnings and fourth-quarter guidance from electronics companies.

The Weighted Price Index of the Taiwan Stock Exchange rose 178.37 points, or 1.85 percent, to 9,809.88 points. The index rose to its highest since April 12, 2000.

Cecelia Lu of Taiwan International Securities said Taiwan shares were boosted by various factors.

“Investor demand has returned to electronics shares,” Lu said, “and the significant appreciation of the Taiwan dollar of late also increased demand for asset-rich companies.”

In Monday’s trade, Asustek Computers gained 4.3 percent to NT$108.5 as investors expect computer motherboard maker to report strong third-quarter earnings Tuesday.

Meanwhile, Yuanta Financial Holding, parent of Taiwan’s largest brokerage, rose 6.7 percent to NT$24.75 on hopes for profit growth on increasing stock trading activity.