Alexa
  • Directory of Taiwan

Taiwan stocks reach 8-month high

Taiwan stocks reach 8-month high

Taipei, May 4 (CNA) Taiwan's share prices surged 5.63 percent Monday to an eight-month high, on optimism that qualified domestic institutional investors (QDIIs) from China will be allowed to join the local securities markets, according to market sources.
The TAIEX advanced 337.83 points to close at 6,330.40, near the 10-year average of 6,403, as positive factors related to closer economic ties across the Taiwan Strait continue to outweigh swine flu fears.
Finishing more than 300 points higher for the second consecutive session, the local bourse opened at 6,285.60 and fluctuated between 6,356.29 and 6,256.29.
A total of 6.84 billion shares changed hands on market turnover of NT$164.55 billion (US$4.96 billion).
All the eight major stock categories gained ground, with banking and financial shares moving up the most at 6.9 percent. Construction issues gained 6.5 percent, textile stocks and plastics and chemicals issues advanced 6.2 percent, cement stocks rose 6.1 percent, foodstuff issues added 5.8 percent, machinery and electronics shares rose 5.2 percent, and paper and pulp issues gained 5.0 percent.
Gainers outnumbered losers 2,049 to 355, with 45 stocks remaining unchanged.
Foreign investors were net buyers of shares worth NT$19.54 billion.
The rallies came after the government promulgated regulations that will allow QDIIs from China to apply to invest up to 10 percent of their net worth in Taiwanese listed companies or in businesses whose shares trade over the counter, market analysts said.
The market also rose on hopes that a memorandum of understanding (MOU) on financial regulatory cooperation will be signed soon between Taiwan and China, according to the analysts.
(By Y.L. Kao)




Updated : 2021-05-18 23:33 GMT+08:00