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Taiwan shares close up 1.06 percent

Taiwan shares close up 1.06 percent

Taiwan share prices closed up 1.06 percent yesterday, ending above the key 8,000 point level for the first time since mid-June of last year amid optimism for global economic recovery, dealers said.
The weighted index rose 84.90 points to 8,057.49 on turnover of NT$139.58 billion (US$4.33 billion).
Gainers led losers by 1,843 to 988 with 256 stocks unchanged.
The market opened 0.55 percent higher on active rotational buying and the momentum continued throughout the trade, led by market laggards, in particular the financial sector and select old economy stocks, dealers said.
"The market is awash in funds. With sentiment having turning upbeat, today's gains were not a surprise at all," Mega Securities analyst Alex Huang said.
Huang said a rising Wall Street has enhanced investor confidence after recent better-than-expected US economic data.
"It seems that many investors hold a positive attitude towards the global economy and are willing to pick up bargains at the moment," Huang said.
In the financial sector, Cathay Financial rose 2.24 percent to NT$59.30, First Financial gained 1.81 percent to NT$19.65 and Fubon Financial added 1.70 percent to NT$38.80.
"Financial stocks have underperformed the broader market for some time. They appeared relatively cheap," Huang said.
"I suspect the buying in the sector came from foreign institutional investors for short covering," he said.
Among old economy stocks, Taiwan Cement rose 1.63 percent to NT$34.20 and Asia Cement gained 1.03 percent to NT$34.40.


Updated : 2021-03-04 11:59 GMT+08:00