Alexa
  • Directory of Taiwan

Taiex firmer following Dow's gain

Taiex firmer following Dow's gain

Taiwan share prices closed 0.26 percent higher yesterday as investors locked in profits driven by Wall Street's overnight rally and the continuing strength of the Taiwan dollar, dealers said.
Despite the profit taking, the market's prospects remain positive as investors continue to bet on improved ties with China after Taiwan's presidential vote next month, they said.
The weighted index closed up 21.36 points at 8,307.67, off a high of 8,386.54 and a low of 8,258.87, on turnover of NT$174.59 billion (US$5.6 billion).
Decliners led risers 1,077 to 865, with 379 stocks unchanged. A total of 29 stocks closed limit-down and 23 limit-up.
"Some sort of pullback makes perfect sense as shares have accumulated quite solid gains since last week," said Taiwan International Securities analyst Arch Shih.
However, Shih believes that the market remains poised to outperform in the next few weeks and perhaps beyond due to the stronger Taiwan dollar and ahead of the presidential election on March 22.
"A pretty safe bet is that the breaching of 8,600 points can come about very soon, even before people go to the polls," he added.
The construction sector was down 1.37 percent, plastics/petrochemicals fell 1.35 percent, paper slipped 0.71 percent, textiles lost 0.49 percent and cement sank 0.06 percent.
The electronics sector was up 0.63 percent, financials gained 0.44 percent and food grew 0.37 percent.
The Taiwan dollar closed the morning at NT$31.212 over the U.S. dollar, compared with the previous close of NT$31.388.
Taiwan Semiconductor Manufacturing Co. closed up NT$1.00 at NT$62.20 and United Microelectronics Corp. was NT$0.25 higher at NT$18.25.
LCD makers extended their gains on expectations that product prices are about to rise, with AU Optronics up NT$1.80 at NT$61.20, Chi Mei NT$0.40 higher at NT$42.40 and Chunghwa Picture gaining NT$0.45 to NT$10.65.
Cathay Financial shed NT$1.30 to NT$82.80 but Shin Kong Financial added NT$0.80 to NT$23.55.
Lower jobless rate
Also yesterday, Taiwan posted a lower jobless rate in January than economists forecast.
The rate rose to 3.95 percent from a revised 3.94 percent in December, the statistics bureau said in Taipei yesterday. The median estimate of 16 economists surveyed by Bloomberg News was for unemployment to increase to 3.97 percent.
The number of unemployed people climbed to 426,000 from a revised 425,000 the previous month. Without adjusting for seasonal factors, the jobless rate fell to 3.80 percent from 3.83 percent in December.


Updated : 2021-06-21 16:11 GMT+08:00