By: Tien Yu-pin and Frances Huang
Taipei, March 18 (CNA) Market capitalization of the local main board rose almost 3 percent this week after the Taiwan Stock Exchange Capitalization Weighted Stock Index (TAIEX) breached the 9,900 point mark, according to the Taiwan Stock Exchange (TWSE).
The TWSE data showed that market cap of the main board rose 2.98 percent from a week earlier to NT$29.33 trillion (US$958 billion) in the week ending on Friday with the weighted index ending at 9,908.69 points, the highest closing level since April 28, 2016, when the index finished at 9,956.83.
In the week, the weighted index rose 280.80 points, or 2.92 percent amid improving market sentiment with investors rushing to pick up market heavyweights such as contract chip maker Taiwan Semiconductor Manufacturing Co. (TSMC, 台積電) and smartphone camera lens supplier Largan Precision Co. (大立光), after the U.S. Federal Reserve said that it will implement an interest rate hike cycle in a “gradual” manner. [FULL STORY]