Thu, Feb 17, 2005 - Page 11 News List

Foreign investors' optimism helps TAIEX to close up


Share prices closed 0.34 percent higher yesterday in solid trade as investors took their lead from Wall Street's overnight gains and continued foreign investor interest, dealers said.

Although the market lost ground early in the session as local investors continued cautious, their foreign counterparts remained positive in anticipation MSCI will increase its Taiwan weightings in May.

The TAIEX closed up 21.10 points at 6,143.49, off a high of 6,158.80, on turnover of NT$85.23 billion (US$2.7 billion). Risers led decliners 555 to 241, with 187 stocks unchanged. A total of 66 stocks closed limit-up and six limit-down.

"The market showed considerable resilience in light of a continuing sense of caution weighing on the upside, recovering from negative territory," said Wilson Lien, a deputy manager at Jih Sun Securities Investment Trust Co (日盛投信).

Thanks to short-covering, the main index stands a good chance of testing 6,200 points before the settlement of this month's stock index futures contracts next week, Lien added.

Whether recent gains can be sustained after that will depend on the ability of financial and other industrial stocks to catch up with bellwether electronics that have led the upturn, Lien said.

United Microelectronics Corp (聯電), the world's second-largest maker of made-to-order semiconductor chips, was down NT$0.20 at NT$20.80 after it confirmed it is being investigated for possible investment in China without government approval. Taiwan Semiconductor Manufacturing Co (台積電) was down NT$0.50 at NT$54.50.

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