Local market ends up as Apple concept stocks gain


CNA

TAIPEI, Taiwan — Shares in Taiwan closed higher Wednesday despite lackluster activity on Wall Street overnight as Taiwanese suppliers in the Apple Inc. supply chain attracted bargain hunting after the U.S. consumer electronics giant announced that the two new iPhones will go on sale in China Oct. 17, dealers said. The weighted index on the Taiwan Stock Exchange ended up 23.34 points, or 0.26 percent, at 8,990.26, after moving between 8,918.96 and 9,014.26 on turnover of NT$77.88 billion (US$2.55 billion). Upward Momentum Capped Mega International Investment Services Corp. analyst Alex said that although there is limited room for the index to move higher, the broader market could see some technical support at around the 220-day moving average of around 8,850 points.

The market opened up 8.05 points on follow-through buying from a session earlier, and momentum continued with Apple concept stocks turning stronger in the wake of the U.S. firm’s announcement of the iPhone 6 and iPhone 6 Plus sale schedule in China, the dealers said. Several major local suppliers to Apple, such as Hon Hai Precision Industry Co. (鴻海精密工業), which assembles iPhones and iPads, and smartphone camera lens maker Largan Precision Co. (大立光電), posted gains to further push up the index, they said. However, after the index briefly breached the nearest technical resistance level of 9,000 points, some investors locked in their earlier gains to cap the upturn at the close, they added.