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Taiwan share prices close up 3.91 percent

Taiwan share prices close up 3.91 percent

Taiwan share prices jumped 3.91 percent to a ten-day high yesterday as investors expected a rally driven by low-interest liquidity next week, dealers said.
The weighted index rose 172.88 points at 4,589.04 on turnover of NT$50.46 billion (US$1.53 billion).
Gainers outnumbered losers 1,461 to 146, while 176 stocks remained unchanged.
A total of 81 shares rose to their daily 7.0 percent ceiling, against 18 limit-down.
The market is at its highest since hitting ending at 4,694.52 on Dec. 19.
"Investors hope to build up their portfolio in advance as they forecast a continued rebound in January fuelled by ample liquidity" after the central bank cut interest rates to aid the ailing economy, said Allen Lin of Concord Securities.
"January is also expected to be short of bad news ahead of the scheduled release of corporate results," he said.
Financial markets will close on Jan. 1 and reopen Jan. 5, so uncertainties during the holidays could affect the trend of the global stock market, which would impact the domestic stock index, analysts said.
Memory-chip makers gained after Taiwan Premier Liu Chao-shiuan said his government would help them after the New Year holidays. Liu didn't elaborate.
Powerchip Semiconductor rose 6.9 percent to NT$3.90, and ProMOS Technologies rose 6.5 percent to NT$2.28.
Taiwan Semiconductor Manufacturing Co, the world's leading contract microchip maker, rose 4.27 percent to NT$45.2 and rival United Microelectronics Corp was up 5.66 percent to NT$7.47.
Cathay Financial Holding rose 6.94 percent at NT$37, Taiwan Cement surged 6.39 percent to NT$26.65, and Far Eastern Textile gained 3.69 percent to NT$21.10.


Updated : 2021-01-25 04:04 GMT+08:00