RUNNING OUT OF STEAM? One analyst said that as the two tech giants cannot rise indefinitely, there is a risk the weighted index will fall without additional support

Taipei Times
Date: Jan 21, 2018
By: Staff writer, with CNA and AFP

Local shares on Friday hit a new high, reaching the highest point in almost 28 years as large-cap electronics stocks, in particular contract chipmaker Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) and iPhone assembler Hon Hai Precision Industry Co (鴻海精密), made a strong showing, dealers said.

While those two large-cap stocks posted solid gains, many other high-tech stocks, as well as non-high-tech stocks, especially in the petrochemical sector, remained sluggish throughout the session, they said.

The TAIEX on Friday closed up 79.28 points, or 0.72 percent, at the day’s high of 11,150.85, off an early low of 11.095.85, on turnover of NT$133.51 billion (US$4.54 billion). That represented an increase of 2.5 percent from a close of 10,883.96 on Jan. 12.

Friday’s close was the highest level since April 3, 1990, when the TAIEX ended at 11,119.00 points.    [FULL  STORY]