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Shares rebound as Taiwan's investors follow China's lead

Shares closed 0.69 percent higher yesterday as a recovery across major regional markets during morning trade allowed for a technical rebound on the local bourse, dealers said.

While there were lingering concerns over credit-tightening measures in China to rein in its surging economy, the recovery on Chinese markets yesterday morning convinced Taiwanese investors to follow suit, they said.

The TAIEX closed up 54.04 points at 7,942.67, on turnover of NT$92.39 billion (US$2.79 billion).

Risers led decliners 698 to 412, with 239 stocks unchanged.

For the week to yesterday, the weighted index closed down 102.45 points or 1.27 percent, after a 0.51 percent gain the previous week.

Average daily turnover stood at NT$109.29 billion, compared with NT$107.45 billion.

The NT dollar ended the day at 33.137 against the US dollar, compared with the previous close of 33.136.

Yuanta Core Pacific Capital Management assistant vice president Jack Tam attributed the rise on the local bourse to gains in neighboring markets.

"The China lead undermined the local bourse yesterday, but the rebound there also set the tone for Taipei stocks today," Tam said.

He said worries were eased by an absence of any immediate fresh macro-economic control measures announced in Beijing but added that it is too early to say whether this factor has run its course.

"Local corporate earnings reports and any economic measures taken by China will be crucial to the stock market here next week," he said.
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