Largan Precision shares close above NT$700


CNA

TAIPEI — Shares of Largan Precision Co. Ltd., one of Taiwan’s leading cellphone camera lens suppliers, posted gains yesterday for the fourth consecutive session, closing above the NT$700 mark on the back of further foreign institutional buying, dealers said.

Many institutional investors have turned upbeat about the earnings prospects of Largan Precision, which is in Apple’s global supply chain and dubbed an “Apple concept stock,” after the U.S. consumer electronics giant reported better-than-expected results for the quarter ending Dec. 31, they said.

Largan Precision closed up 7 percent, the maximum daily increase, at NT$704.00, with 2.59 million shares changing hands, while the benchmark weighted index ended up 1.36 percent at 7,652.46 points.

Foreign institutional enthusiasm helped Largan Precision to maintain its status as the highest priced stock on the Taiwan Stock Exchange, ahead of smartphone maker HTC, whose shares also closed up 7 percent at NT$555.