Taiwan News
Date: 2016-07-07
By: Central News Agency
Taipei, July 7 (CNA) Shares in Taiwan staged a technical rebound Thursday from a slump seen a session earlier as buying in large-cap electronics stocks remerged on the back of a higher Wall Street overnight, dealers said.
Among the gaining high-tech stocks, Taiwan Semiconductor Manufacturing Co. (TSMC), the most heavily weighted stock on the local main board, led the upturn in the sector and even the broader market amid continued optimism toward the contract chip maker’s sales for the third quarter, they said. The financial sector underperformed the overall market, however, as investors remained worried about the sector’s exposure to the real estate market in the United Kingdom, which has decided to leave the European Union, plunging the British pound, they added.
The weighted index on the Taiwan Stock Exchange closed up 65.16 points, or 0.76 percent, at 8,640.91, after moving between 8,605.38 and 8,653.70, on turnover of NT$$62.99 billion (US$1.95 billion). The market opened up 0.35 percent in a knee-jerk reaction to a higher Wall Street, where the Dow Jones Industrial Average recouped its earlier losses to close up 0.44 percent, and the S&P 500 index also recovered from a low to end up 0.54 percent after the U.S. Institute of Supply Management non-manufacturing purchasing managers’ index improved in June, dealers said. [FULL STORY]