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Taiwan shares close up 1.06 percent

Taiwan shares close up 1.06 percent

Taipei, May 27 (CNA) Taiwan share prices closed up 1.06 percent Thursday as the euro stabilized against the U.S. dollar, suggesting that investors could take a breather from debt problems in Europe, dealers said.
The gains, in line with other major regional markets, resulted from bargain hunting as investors shrugged off a Wall Street fall to below 10,000 points overnight, they said.
The weighted index closed up 75.81 points at 7,243.16, after moving between 7,105.11 and 7,254.68, on turnover of NT$84.83 billion (US$2.63 billion).
A total of 2,235 stocks closed up and 741 down, with 276 unchanged.
The market opened 0.39 percent lower on a knee-jerk reaction to the Wall Street losses and moved to the day's low before bargain hunters stepped in.
Textile shares closed up 2.71 percent, cement issues rose 2.62 percent, paper and pulp shares were 2.59 percent higher and construction shares rose 2.08 percent.
Foodstuff shares closed up 1.00 percent, electric and electronics issues were 0.97 percent higher, and financial shares gained 0.41 percent.
"Old-economy stocks had suffered heavy losses as the broader market fell to its eight-month low Tuesday. It was time for them to stage a rebound, " Grand Cathay Securities analyst Mars Hsu said.
Judging from Thursday's movements, Hsu said, the market seemed to have short-term technical support at around 7,100 points.
"But, where the local bourse will go is still up to how the European debt crisis evolves," Hsu said.
Among old-economy stocks, Tung Ho Spinning Weaving & Dyeing added 6.82 percent to NT$5.48 and Shinkong Synthetic Fiber gained 5.15 percent to NT$10.20.
Taiwan Cement rose 3.87 percent to NT$26.85 and Chia Hsin Cement added 2.78 percent to NT$12.95.
Despite the uptrend, Taiwan Semiconductor Manufacturing Co. fell 0.34 percent to NT$58.70 and rival United Microelectronics Corp.
gained 0.71 percent to NT$14.10.
(By Frances Huang)




Updated : 2021-03-01 23:51 GMT+08:00