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Taiex edges up on year-end window dressing

Taiex edges up on year-end window dressing

Taiwan share prices closed 1.06 percent higher yesterday on the back of year-end window dressing, dealers said.
Property developers and companies with high stakes in real estate grabbed the spotlight again as they are expected to benefit from the launch of the high speed rail link between Taipei and Kaohsiung expected for next month.
The weighted index rose 80.78 points to 7,727.59, after trading between 7,668.92 and 7,749.46, on turnover of NT$109.82 billion (US$3.37 billion).
Risers led decliners 772 to 384, with 190 stocks unchanged in the local stock exchange.
A total of 72 stocks closed limit-up, while five were limit-down.
The food sector was up 2.76 percent, textiles rose 2.42 percent, tourism advanced 2.40 percent.
Financials climbed 1.30 percent and electronics were up 0.71 percent.
The New Taiwan dollar ended the morning session at N$32.634 against the dollar, compared with the previous close of NT$32.610.
Mega International Investment Services Co. Ltd. assistant vice president Alex Huang said ample liquidity was the driving force behind the window-dressing interest while the bullet train lead also injected momentum into the local bourse.
"The local bourse will be dictated by the movement of oil prices and major foreign stock markets," Huang added.
MediaTek Inc closed up NT$5 at NT$336 after buying NT$31.55 percent of Airoha Technology Corp. from BenQ Corp. for NT$606.35 million.
BenQ added NT$0.25 to NT$17.45 on news that it expects to generate a capital gain of NT$564.83 million from the sale of 31.55 percent of Airoha to MediaTek.
Cathay Financial Holdings rose NT$1.30 to NT$73.50, despite news that its wholly owned unit Cathay United Bank will set aside an additional NT$7.30 billion in provisions against bad loans.
Chunghwa Picture Tubes gained NT$0.04 to NT$6.79 after its directors approved a plan to sell US$250 million worth of convertible bonds.
Taiwan Cooperative Bank rallied NT$0.35 to NT$23.80 after a report that it will continue pursuing closer partnership with BNP Paribas.
Local chip giant Taiwan Semiconductor Manufacturing Co. rose NT$0.90 to NT$66.
Meanwhile, United Microelectronics Corp. gained NT$0.35 to NT$19.90
High Tech Computer Corp lost NT$3 to NT$642.


Updated : 2021-03-02 13:42 GMT+08:00