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Share prices close at a six-year high

Share prices gained 0.44 percent yesterday, rising for the fourth consecutive session in a row to close at a six-year high, as hopes of continued foreign capital inflows outweighed concern over Wall Street's declines on Friday following weaker-than-expected US data, dealers said.

The weighted index added 33.44 points at 7,647.01, off a low of 7,590.92 and a high of 7,659.84, on turnover of NT$127.13 billion (US$3.91 billion).

Companies with major stakes in real estate rallied on expectations of liquidity-driven interest.

"Riding on the appreciation of the local currency, investors are pinning hopes on [an] influx of hot money," said Johnny Lee, a manager with President Securities Co (統一證券).

Taiwan Pulp and Paper Corp (台紙) closed up NT$0.70 at NT$10.70, Nankang Rubber Tire Corp (南港輪胎) gained NT$3.50 to NT$53.60 and King's Town Construction Co (京城建設) rose NT$2.50 to NT$38.40. All three assets-based stocks closed limit-up.

Asset plays and firms with exposure to China could continue to rise before Saturday's mayoral elections in Taiwan's two biggest cities, traders said.

Technology stocks lost steam in line with their US peers, Lee added.

Meanwhile, the New Taiwan dollar lost ground against the US dollar, dropping NT$0.028 to close at NT$32.398 on the Taipei foreign exchange market. Turnover was US$855 million.
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