TAIPEI: Taiwan stocks rose on Tuesday morning in the first trading session after the Lunar New Year holiday, with interest in large-cap stocks pushing the weighted index above the 9,600-point mark, dealers said.
Foreign institutional investors were believed to be making buys in the spot market to force prices higher and boost the value of the long position contracts they currently hold in the futures market, the dealers said.
As of 10:56 a.m., the weighted index on the Taiwan Stock Exchange (TWSE) had added 1.03 percent to 9,627.28 on turnover of NT$57.49 billion (US$1.82 billion).
The market opened higher as investors followed the lead of 1-2 percent gains posted on Wall Street and European markets during the Lunar New Year holiday from Feb. 18 to Feb. 23, and the momentum was sustained into the morning, dealers said.
Among the gaining market heavyweights, Taiwan Semiconductor Manufacturing Co. (TSMC, 台積電) had raised 2.36 percent to NT$152.00, with 40.71 million shares changing hands.
Because TSMC is the most heavily weighted stock in the local market, its gains helped drive the broader market higher, dealers said.
Led by Apple Inc.’s record high share price achieved overnight, Taiwanese suppliers of the U.S. electronics giant also gave the overall market a boost.
