Stocks ended slightly higher yesterday on bargain hunting, with construction stocks leading gains on improving property demand, analysts said.
The TAIEX added 4.2, or 0.1 percent, to 6,879.11, with a turnover of NT$129.49 billion (US$3.88 billion). The index dropped as much as 1 percent in intra-day trading. About the same number of stocks rose as fell. Taiex futures for March delivery shed 0.1 percent to 6,922.
Construction stocks surged 4.2 percent overall, outpacing all other sectors.
Alan Tseng, an analyst at Capital Securities Corp (群益證券), said the bourse was able to recoup early losses because investors sought bargains as the key index approached the short-term support level of 6,800 points.
Shares of Kuoyang Construction Co (
Steel makers also benefited from the rise in property demand. Yieh Loong Steel Co (燁隆) climbed 2.8 percent to NT$18.4, while Chia I Industrial Co (嘉益) surged 6.4 percent. But China Steel Corp (中鋼) fell 0.3 percent to NT$34.10.
Computer-memory chipmakers saw their shares boosted by stabilizing dynamic random access memory prices, analysts said.
Nanya Technology Corp (南亞科技), the nation's largest computer memory-chipmaker, climbed 4.8 percent to NT$26.20, and Winbond Electronics Corp (華邦電子) rose 2.2 percent to NT$18.50.
Rival Mosel Vitelic Inc (
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TRANSFORMATION: Taiwan is now home to the largest Google hardware research and development center outside of the US, thanks to the nation’s economic policies President Tsai Ing-wen (蔡英文) yesterday attended an event marking the opening of Google’s second hardware research and development (R&D) office in Taiwan, which was held at New Taipei City’s Banciao District (板橋). This signals Taiwan’s transformation into the world’s largest Google hardware research and development center outside of the US, validating the nation’s economic policy in the past eight years, she said. The “five plus two” innovative industries policy, “six core strategic industries” initiative and infrastructure projects have grown the national industry and established resilient supply chains that withstood the COVID-19 pandemic, Tsai said. Taiwan has improved investment conditions of the domestic economy
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