Taiwan shares edge higher on low turnover


CNA

TAIPEI, Taiwan — Shares in Taiwan closed 0.16 percent higher on Thursday in shrinking turnover as investors were neutral on the impact of the U.S. Federal Reserve’s announcement of a 0.25-percentage point interest rate hike a day before, dealers said.

Taiwan shares closed up 15.89 points, or 0.16 percent, at 10,088.35 after moving between 10,046.80 and 10,089.07, on turnover of NT$75.83 billion (US$2.51 billion).

Shares in the old economy sector were largely lower, with the cement sector falling 0.19 percent, mainly dragged down by Taiwan Cement Corp. (台泥), the nation’s largest cement maker, shares of which dropped 0.73 percent to end at NT$34.00.

Asia Cement Corp. (亞泥) fell 0.19 percent to end at NT$26.25.

Foodstuffs, plastics, textiles, steel and automobile shares all suffered losses, while the glass industry and paper and pulp sector outperformed the broader market. The paper and pulp sector ended up 3.09 percent.

The electronics and financial sectors performed relatively well, gaining 0.34 percent and 0.18 percent, respectively by the end of the session.

In the electronics sector, Largan Precision Co. (大立光), a smartphone camera lens supplier to Apple Inc., closed unchanged at NT$4,965.00, while contract chip maker Taiwan Semiconductor Manufacturing Co. (TSMC, 台積電), flat panel makers AU Optronics Corp. (友達) and Innolux Corp. (群創) all closed higher.

Analyst Wang Chao-li (王兆立) said the local market will continue to move within a small range over the short term.

Foreign institutional investors bought a net NT$158 million-worth of shares on the main board.