UMC shares soar as tech stocks boost Taiex
Taipei, April 26 (CNA) Shares of United Microelectronics Corp. (UMC), Taiwan’s second-largest contract chip maker, climbed sharply on Monday morning following higher product prices, dealers said.
UMC’s purchase spread to other large-cap semiconductor stocks as well, leading the high-tech industry and the market in general to build on the momentum from the previous session. , as investors were encouraged by a rally in tech stocks in US markets at the end. last week, added the dealers.
By 10:35 a.m., UMC shares had risen 6.49% to NT $ 60.70 (US $ 2.17) on the Taiwan Stock Exchange, where the Taiex, the weighted index, was up 174 , 63 points, or 1.01%, to 17,474.90.
The stock received a significant boost shortly after the local stock market opened, following a 9.48 rise in UMC’s certificates of deposit (ADR) on Friday, when the Nasdaq index, very technology, rose 1.09%.
“The stock market remained inundated with liquidity, so buying quickly turned to UMC as Taiwan Semiconductor Manufacturing Co. (TSMC) was trading in a narrow range this morning,” said Tom Tang, analyst at MasterLink Securities.
TSMC, the most weighted stock in the local market, rose 0.33% to NT $ 604.00 at 10:35 am.
“UMC, in particular, attracted strong buys due to the strong performance of its ADRs, as the company reportedly informed its customers of rising wafer prices due to tight supply,” Tang said.
Other major semiconductor stocks also rose, amid optimism about their business prospects, with integrated circuit designer MediaTek Inc. rising 0.97 percent to NT $ 1,045.00 at 10:35 am.
The electronics sector and the semiconductor sub-index rose 0.78% and 0.88% respectively.
In addition to tech stocks, Tang said, some old economy stocks also continued to rebound on Monday morning, helping to boost the Taiex.
Among them, China Steel Corp., Taiwan’s largest steelmaker, rose 4.07% to NT $ 39.65, Tung Ho Steel Enterprise Corp. had climbed 5.40% to NT $ 62.50 and Evergreen Marine Corp. had climbed 8.15% to NT $ 75.60. from 10:35 am