Shares close up as investors return to hunt for bargains

Shares closed 1.24 percent higher yesterday as bargain-hunting picked up pace across the board, adding momentum to a technical rebound, dealers said.

Investors set aside profit-taking for the moment and ignored Wall Street's continued weakness overnight, taking an interest instead in cheaper stocks, particularly heavily weighted electronics and financial firms, they said.

The TAIEX closed up 92.98 points at a high of 7,573.87 and off a low of 7,510.44. Turnover was NT$111.71 billion (US$3.4 billion). Risers led decliners 865 to 279, with 192 stocks unchanged.

On the foreign exchange market, the New Taiwan dollar rebounded from a one-week low on speculation exporters were taking advantage of the local currency's drop to return profits earned overseas.

The NT dollar gained NT$0.063 to close at NT$32.913 against the US dollar on the Taipei Forex.