Taiwan stocks rose 0.23 percent on Thursday to a nine-month closing high, with LCD maker Chi Mei leading the way, but gains were limited by investor caution ahead of expected gloomy first-quarter GDP data. The main TAIEX share index closed 15.19 points higher at 6,718.81, its highest finish since September 1, 2008 and the fifth gaining session.
Turnover was active at T$182.9 billion ($5.6 billion), but lower than Wednesday's T$191.6 billion. Shares of Chi Mei, Taiwan's No 2 flat panel maker and the second-most active share by turnover, surged 6.42 percent, outpacing a 0.38 percent rise of the electronics sub-index. Chi Mei's larger rival AU rose 0.28 percent.
Chi Mei's LCD TV panel shipment to China from January to April made up 30 percent of China's total such imports, making the firm the mainland's biggest supplier of the product, a local newspaper said on Thursday. However, the gains were capped as Taiwan's government is set to a its first-quarter gross domestic product (GDP) later in the day.
Sources close to the government told Reuters on Thursday that Taiwan's economy in the first quarter shrank by about 10 percent from a year ago, the worst decline on record. The day's top winner was the construction sub-index, which jumped 3.29 percent, as it got a boost from a stronger Taiwan dollar and an expected influx of investments from China.
In the financial sector, Far Eastern International Bank said late on Wednesday it would buy AIG's Taiwan credit card and accounts-receivable businesses for T$2-3 billion, in the latest consolidation of Taiwan's crowded financial sector. Shares of Far Eastern, a small-sized lender owned by conglomerate Far Eastern Group, dropped 2.74 percent, while the banking and insurance sub-index edged down 0.1 percent.
Comments
Comments are closed.