Taiwan stocks closed up 0.52 percent on Thursday, as investors picked up semiconductor shares ahead of TSMC's earnings results. Fund managers said funds were turning to semiconductors because these stocks started from a low base and are less risky. "Investors are optimistic about semiconductors as they believe the worst time is over," said Kevin Lin, a vice president of Fuh Hong Financial Planning.
He said the price of DRAMs, for example, is expected to go up in the second quarter so it is a good time to buy related shares now. The main TAIEX share index rose 46.72 points to 9,102.33, after opening up 0.42 percent. The semiconductor sub-index climbed 1.27 percent, with TSMC up 0.8 percent. The world's largest contract chipmaker posted a forecast-beating fourth quarter net profit after market close. Electronics shares rose 0.96 percent, led by Hon Hai's 3 percent gain. Hon Hai said earlier that it had pulled out of a deal to buy E-Ton Solar in a share placement. E-Ton tumbled 7 percent.
Financial shares were up 0.1 percent.
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