Taiwan stocks rose 0.13 percent to an over two-month closing high on Friday, paced by gains in Apple suppliers Genius and Largan Precision after Apple reported sales of its flagship iPhone and Mac computers scaled new heights. Market sentiment also got a boost from foreign investors' biggest net buying since April 6 on Thursday.
"The strong momentum of Apple's earnings and stocks will be providing upside potential for the company's Taiwan suppliers," said Chen Tung-li, a fund manager at Schroders in Taiwan. The main TAIEX index ended up 11.78 points at 8,969.43, ending the week with a 2.7 percent gain, its best weekly performance since early December. The index is expected to consolidate at 8,300-9,200 points in the June quarter, said Chen.
Camera module maker Genius Electronics Optical advanced 0.67 percent and Largan Precision rose 0.54 percent. Topping the market's winning sectors were department stores and shipping , both up more than 1.5 percent. Banking shares rose 0.71 percent. China's banking authority chief is set to visit Taiwan next Monday and is expected to announce policies favourable to Taiwan banks, including easing rules on them conducting yuan business on the mainland, a local newspaper reported.
Chimei Innolux dipped 0.32 percent. The board of the world's No 3 LCD maker failed to agree on details of a plan to spin off its touch panel and small panel units, said two sources with direct knowledge of the matter. The Taiwan dollar was firm at T$28.906, hovering at an over-13-and-a-half-year closing high in the prior session.
Comments
Comments are closed for this article.