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Share prices close higher led by financials, electronics

Share prices close higher led by financials, electronics

Taipei, March 22 (CNA) Share prices in Taiwan rose 0.97 percent Thursday, led by the financial and electronics sectors, but the trading volume plunged below NT$100 billion (US$3.38 billion) for the fourth trading day in a row. Local investors remained on the sidelines during the day's trading, institutional investors said, adding that the market might be in correctional mode in the short term. The weighted index closed up 78 points, or 0.97 percent, to end at 8,059.94. Turnover totaled NT$94.50 billion (US$3.20 billion) during the session. The market opened at the day's low of 7,995.57, and the index quickly moved above the psychological level of 8,000 points to the day's high of 8,075.97. During the early trading, the index rose nearly 90 points after the Ministry of Finance said it will review the luxury tax policy but did not mention the capital gain tax. A total of 2,748 stocks closed up and 1,427 finished down, while 370 remained unchanged. Most of the eight major stock categories closed up, with plastics and chemicals scoring the highest gains, ending up 1.5 percent. The cement sector rose 1.4 percent and textile stocks gained 0.7 percent, while construction stocks lost 0.5 percent. Paper and pulp stocks closed up 0.3 percent and foodstuffs gained 0.5 percent. Machinery and electronics stocks closed up 1.0 percent, which accounted for nearly 70 percent of the day's turnover, boosted by gains in large-cap electronic stocks. Hon Hai Precision Industries Co., the world's largest contract electronics supplier, closed up 2.44 percent to end at NT$105.00. United Microelectronics Corp rose 2 percent to finish at NT$15.30 and Pegatron Corp. closed up by the daily maximum of 7 percent at NT$ 45.40. The financial sector rose 1.2 percent, with Chinatrust Financial Holding Co gaining 2.09 percent to end at NT$19.50 and E. Sun Financial Holding Co rising 2.40 percent to finish at NT$17.10. Uncertainties over the annual reports season, which will begin at the end of March, resulted in the low cash flow in the market Thursday, dealers said. However, the bourse might gain some momentum as a result of the requirement that short selling investors buy back stocks within two months before shareholder meetings, which will begin in June this year, said Chang Shu-hui, a fund manager at Prudential Financial Securities Investment Trust Enterprise Co. (By Maranda Hsu and Hanna Liu)


Updated : 2021-10-18 00:58 GMT+08:00