Stocks ended higher yesterday as traders hunted for bargains after the index ended lower for two consecutive sessions, analysts said. The TAIEX finished 52.31 points higher, or 0.9 percent, at 6,024.07 in dealings valued at a moderate NT$62 billion (US$1.96 billion).
"The market's rise reflects a rebound from recent selling," said Johnson Chang, an analyst at SinoPac Securities (建華證券).
Taiwan's main index lost 0.7 percent on Thursday and 0.2 percent on Wednesday. The performance of regional stocks yesterday and a rise of US stocks overnight also boosted the bourse, Chang said.
Construction and transportation stocks performed the best, although they were the worst performers previously. Transportation shares rose 2.6 percent overall, boosted by a scheduled increase in shipping fees and a downtick in oil prices.
Evergreen Marine Corp (長榮海運) rose 3.5 percent to NT$31.05, while its smaller rival Yang Ming Marine Transport Corp (陽明海運) ended 3.2 percent higher at NT$31.85. Construction shares ended up 1.4 percent. Huaku Construction Co (華固建設) rose 3.3 percent, nearly recovering a 3.5 percent loss from Thursday.
Shares in Taiwanese handset makers gained on growing optimism that multinational clients will likely increase their outsourcing to Taiwanese suppliers.
Arima Communications Corp (華冠通訊), whose clients include Sony Ericsson Mobile Communications Ltd, soared by the 7 percent daily maximum to NT$29.95, and Compal Communications Inc (華寶通訊), which counts Motorola Inc among its largest clients, finished 1 percent higher at NT$84.90.
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