Sat, Feb 04, 2006 - Page 11 News List

Market laggards push index slightly up after long break

AFP , TAIPEI

Share prices closed 0.96 percent higher yesterday as market laggards bounced, leading a rally after a long Lunar New Year holiday during which international markets generally did well, dealers said.

They said investors ignored overnight losses on Wall Street and President Chen Shui-bian's (陳水扁) recent remarks signaling a tougher stance toward China.

The weighted index rose 62.42 points to 6,594.60 after trading between 6,547.17 and 6,626.43, on turnover of NT$108.50 billion (US$3.39 billion).

Risers led decliners 742 to 362, with 120 stocks unchanged.

A total of 42 stocks closed limit-up and 11 limit-down.

The steel sector led the gainers, up 6.61 percent. Financials were up 2.97 percent, cement up 2.77 percent and textiles up 2.53 percent.

"Despite profit-taking ... in bellwether electronics, our shares actually outperformed US equities overnight and regional markets this morning," SinoPac Securities (建華證券) assistant vice president Alvin Teng (鄧可欣) said.

He said the local bourse tracked the performance of other markets over the past week rather than taking their lead from the trend yesterday or this morning.

"Not everybody has gone back to work [yesterday]," he said. "The market will be put to a test again on Monday, with its fate largely dictated by how Wall Street fares later."

China Steel Corp (中鋼) closed up NT$1.80 at NT$28.80, while Taishin Financial Holding Co (台新金控) was limit-up at NT$19.55.

Taiwan Semiconductor Manufacturing Co (台積電) was down NT$0.10 at NT$63.40 and United Microelectronics Corp (聯電) down NT$0.35 at NT$17.80.

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