Local shares up amid broad Asia rally


CNA

TAIPEI–Shares in Taiwan staged a rebound Monday, rising 1.78 percent as part of a broader Asian market rally after international crude oil prices rose about 10 percent on Friday, dealers said.

The Taiwan Stock Exchange’s weighted index closed up 137.97 points at 7,894.15, after moving between 7,813.73 and 7,899.66. Turnover totaled an anemic NT$69.14 billion (US$2.06 billion) during the session.

The buying was driven by a strong showing in other regional markets, including Tokyo and Hong Kong and China, dealers said.

They also attributed the market’s gains to a 5.1 percent surge in Apple Inc.’s shares in the U.S. on Friday, which boosted shares of Taiwanese suppliers to Apple in Taipei on Monday.

The gainers were led by smartphone camera lens supplier Largan Precision Co. (大立光), which surged 4.01 percent to close at NT$2,075.

Hon Hai Precision Industry Co. (鴻海), an iPhone and iPad assembler, gained 1.6 percent to close at NT$76, while Pegatron Corp. (和碩), an assembler of iPhone 6s, rose 2.6 percent to end at NT$75.10.

Catcher Technology Co. (可成), which supplies metal casings to Apple, ended 4.1 percent higher at NT$219.50.

The financial sector also rallied, rising 1.9 percent. Fubon Financial Holding Co. (富邦金) closed 3.43 percent higher at NT$36.2, and Cathay Financial Holding Co. (國泰金) rose 3.37 percent to end at NT$35.25.

Thanks to the rebound in crude oil prices, which continued in early Monday trading, Formosa Plastic Group units were among the strong performers in the market.

Formosa Plastics Corp. (台塑), Nan Ya Plastics Corp. (南亞塑), Formosa Chemicals & Fibre Corp. (台灣化纖) and Formosa Petrochemical Corp. (台塑化) all closed higher during the session.