Taiwanese shares are expected to keep rising to test 6,000 points next week with strong support from financial stocks after successfully breaking through the 5,800 points barrier, dealers said.
Continuing foreign interest and Wall Street gains stimulated the market this week, with daily turnover coming in between NT$102.27 billion (US$3.03 billion) and US$125.2 billion.
The weighted index gained 121.98 points or 2.12 percent to finish the week at a new high for the year of 5,869.88 points Thursday, after a 1.73 percent rise the previous week.
Taiwan's financial markets were closed yesterday for the National Day holiday.
"The index has officially overcome the 5,800-point resistance of the months-long correction since August," said Yuanta Core Pacific Capital Management analyst Mike Chou.
"It is likely to go up to around 6,000 points and face a new pressure," Chou said.
Investors are expected to turn their interest from the electronics sector to financials amid currency uncertainties while cautiously monitoring US stocks, which are expected to depend to a large extent on the releases of quarterly corporate earnings reports next week.
"Taiwan's bellwether electronics stocks may face a narrow-range downside correction," Chou said.
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