Print

Mail

wiki links

Shares climb as investors remain on the sidelines

Share prices closed 0.37 percent higher yesterday as rotational buying offset early weakness triggered by Wall Street's falls over a possible slowdown in the US economy, dealers said.

They said the index swung between negative and positive territory several times during the day, with many investors choosing to stay on the sidelines.

The weighted index closed up 25.61 points at 6,911.21, off a high of 6,921.36 and a low of 6,844.33, on turnover of NT$67.06 billion (US$2.04 billion).

"The recent correction in oil prices has eased inflationary pressures and benefited old-economy stocks, with some of them of attracting interest due to their profits from their presence in the China market," said Frank Lin, senior vice president at Fubon Securities (富邦證券).

"These China-concept stocks also grabbed the spotlight following the yuan's strength previously," Lin said.

See-saw trading on the bourse came amid expectations of rangebound consolidation, he said.

"The market moved in a narrow band today, indicating continued concerns over domestic political developments and the outlook for the US economy," he said.

Taiwan Semiconductor Manu-facturing Co (台積電) closed unchanged at NT$59.70 after the firm said it will have to wait for another three to six months for clients to clear inventory, while United Microelectronics Corp (聯電) gained NT$0.15 to NT$18.60.

ProMOS Technologies Inc (茂德科技) dropped NT$0.10 to NT$13.50 and Powerchip Semiconductor Corp (力晶半導體) lost NT$0.05 to NT$21.45.

High Tech Computer Corp (宏達電) rose NT$2.00 to NT$934.00.
This story has been viewed 1247 times.