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Expectations on earnings boosts Taiex

Expectations on earnings boosts Taiex

Taiwan share prices closed 1.05 percent higher yesterday on hopes local companies, particularly technology, and U.S. counterparts will report positive earnings for the September quarter, dealers said.
Traders were also encouraged to test the market's upside as political concerns have eased after the campaign to oust President Chen Shui-bian largely ran out of steam, they said.
The weighted index closed up 74.57 points at 7,151.42, after moving between 7,099.11 and 7,159.85, on turnover of NT$112.18 billion (US$3.38 billion).
Risers led decliners 586 to 546, with 139 stocks unchanged.
A total of 44 stocks closed limit-up and one limit-down.
The electronics sector was up 1.54 percent, the financial sector up 0.80 percent and the plastics/petrochemical sector up 0.56 percent.
The cement sector was up 0.38 percent and the construction sector up 0.35 percent.
The tourism sector was down 1.74 percent, the paper sector down 1.57 percent, the textile sector down 0.82 percent and the food sector down 0.72 percent.
The New Taiwan dollar closed the morning at 33.217 against the U.S. dollar, compared with the previous close of 33.174.
Another record finish by U.S. stocks on Wall Street on Friday provided a conducive platform for a rally for most Asian markets, including the Taipei bourse, Monday morning, dealers said.
"Our market continued to move up amid a largely supportive international (trend)," Fubon Securities Investment Services manager Daniel Tseng said.
He said the market proved strong enough to offset profit-taking, which emerged during the session, and so long as the ongoing rotational play in technology bellwethers, non-tech industrials and financials proceeds smoothly, the market is likely to sustain its bullish tone.
Dealers said while funds focused on technology stocks, non-tech industrials mostly weakened on profit-taking.
Taiwan Semiconductor Manufacturing Co. was up NT$2 at NT$65 and United Microelectronics Corp. up NT$0.50 at NT$18.95.
Powerchip was up NT$0.10 at NT$21.80, Nanya Technology rose NT$0.45 to NT$23.60 and Inotera added NT$0.05 to NT$32.80.
Flat panel diaplay makers were also higher, with AU Optronics up NT$0.70 at NT$47.60 and Chi Mei up NT$0.05 at NT$37.05.
Chang Hwa Bank was down NT$0.25 at NT$20.45 and Taishin Financial down NT$0.10 at NT$17.90.
Ambassador Hotel was down NT$1.50 at NT$33.95, Leofoo Development down NT$0.85 at NT$25.20, Cheng Loong down NT$0.35 at NT$12.35 and Long Chen Paper down NT$0.65 at NT$12.50.


Updated : 2021-10-16 21:13 GMT+08:00