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Taipei shares close up 4.57 percent

Taipei shares close up 4.57 percent

Taiwan share prices closed up 4.57 percent yesterday, led by financial and electronic heavyweights, as market sentiment was boosted by significant gains on Wall Street and regional markets, dealers said.
The weighted index rose 193.26 points at 4,418.33, off a low of 4,278.61 and a high of 4,424.09, on turnover of NT$64.20 billion (US$1.92 billion).
Gainers led losers by 1,345 to 139 with 175 stocks unchanged.
The market opened 1.27 percent higher as the financial sector staged a technical rebound and the momentum accelerated with interest spreading across the board and the bellwether electronic sector in focus, dealers said.
While the United States reported a 15-year high jobless rate for November, Wall Street recouped early heavy losses to close 3.09 percent higher Friday.
Regional markets hailed the Wall Street performance, prompting investors to leave behind pessimism over a global economic meltdown and start hunting bargains, Mega Securities analyst Alex Huang said.
After such a strong showing in Taiwan yesterday, "there may be little difficulty" for the index to reach around 4,500 points, Huang said.
Judging from the market movements, he suspected foreign institutional investors were shifting to the buy side.
The financial sector has become investors' favourite as they anticipated Taiwan and China will soon set up a mechanism for banking cooperation on warmer cross-strait ties, dealers said.
Fubon Financial gained 6.96 percent to NT$20.75, Cathay Financial rose 6.86 percent to NT$34.25 and Chinatrust Financial added 6.76 percent to NT$11.85.
Huang said "large cap" electronics - firms with the biggest market capitalization - benefitted from low valuations after they had been hard hit amid concerns over weakening global consumption.
Taiwan Semiconductor Manufacturing Co rose 6.99 percent to NT$39.80, Hon Hai Precision added 6.84 percent to NT$62.50 and United Microelectronics Corp gained 5.88 percent to NT$7.20.


Updated : 2021-10-19 22:31 GMT+08:00