Taiwan shares end higher in last session of 2020

Taipei,  Shares in Taiwan closed higher on Thursday, the last trading session of 2020, registering a rise of 22.8 percent, or 2,735.39 points, for the whole of the year.

The weighted index on the Taiwan Stock Exchange (TWSE), or Taiex, edged up 44.83 points, or 0.31 percent, to reach 14,732.53, on turnover of NT$257.3621 billion (US$9.03 billion). It surged at one point to a record high of 14,760 during the trading session.

Since the COVID-19 pandemic broke out a year ago in China, the domestic stock market has fluctuated sharply, recovering from a low of 8,523.63 in March amid fears over the spread of the virus.

Underpinned by the government-run National Stabilization Fund and a series of stimulus incentives put forth by governments around the world, the weighted index regained momentum and continued to hit new highs over the past five months, with its weekly and monthly moving averages finishing in positive territory on Thursday.

Taiwan Semiconductor Manufacturing Co. (TSMC), the world’s No. 1 contract chipmaker and the major driver on the bullish domestic market, saw its stock price climb repeatedly to new highs, to end at a record high of NT$530, up by 0.95 percent from the previous session.

TSMC, the most heavily weighted stock on the local market, outperformed the broader market in 2021, rising by 60.1 percent for the whole of the year.

Largan Precision Co., the most expensive stock in the market and a supplier of smartphone camera lenses to Apple Inc., lost 0.93 percent to NT$3,195, while Hon Hai Precision Industry Co., the Taiwan-based electronics manufacturing giant and an assembler to iPhones, added 0.44 percent to finish at NT$92.

Continuing its rising streak in recent weeks, Evergreen Marine Corp. Taiwan Ltd., grew by 6.54 percent to hit a new high of NT$40.7, while Yang Ming Marine Transport Corp., one of its smaller rivals, closed at the session’s high of NT$29.25.

Cathay Futures Consultant Co. analyst Tsai Ming-han (蔡明翰) forecast that the domestic market will fluctuate in the coming sessions, based on high trading volumes that could shrink within a narrow range.

Tsai noted that the development of the COVID-19 pandemic could impact global markets in the short term, in particular after the Christmas holiday period.

He expressed optimism about the performance of the world markets next year, predicting that the domestic market could challenge a new high of 15,000 points in the first half of 2021.

On Thursday, market capitalization totaled around NT$45 trillion, with each investor racking up a profit of NT$750,000.

 

Source: Focus Taiwan News Channel

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