Shares rose to their highest level in almost two years yesterday on strong interest from foreign investors in chip-related firms.
The TAIEX rose 21.12 points, or 0.32 percent, to 6,781.94, its highest level since it finished at 6,810.25 on April 21, 2004. Turnover was NT$121.60 billion (US$3.78 billion).
After some profit-taking in the morning, the market resumed its upward march, led by large technology companies. The index briefly breached 6,800 before retreating to close moderately higher for the day. Friday's gain was the 10th consecutive rise for the benchmark index.
For the week to yesterday, the index closed up 167.97 points or 2.54 percent after a 3.72 percent gain the previous week. Average daily turnover stood at NT$109.44 billion, up from NT$86.82 billion.
The strong performance of heavyweights such as Taiwan Semiconductor Manufacturing Co (TSMC,
"Relative to other Asian stocks, Taiwan shares are less expensive and don't carry as much political risk as [shares in] countries like Thailand. So I think Taiwan stocks are quite attractive to foreign investors," said Shawn Wang, a trader at Fubon Securities Co (富邦證券).
TSMC, the world's largest contract chipmaker by revenue, rose 2.3 percent to NT$67.4 and Hon Hai gained 1.5 percent at NT$208.5.
Share prices are expected to continue firmer next week, with semiconductor manufacturers, integrated circuit packaging and testing firms, and cell phone related product makers likely to remain the favorites of foreign investors on improving sales, dealers said.
Flat panel display producers are expected to attract foreign buying too on their relatively low share prices.
However, technical pressure may emerge as the market moves closer to the key psychological level of about 6,900 points, giving a trading range next week of between 6,700 and 6,900.
Capital Securities Corp (
"April is the first quarter results reporting season for high tech companies in Taiwan and the US. Investors had better watch closely," Huang said.
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