Shares closed up 0.87 percent yesterday at the day's highs on follow-through interest after the market finished above an important benchmark of 9,000 points on Wednesday, dealers said.
Trading could have driven prices higher had investors not cashed in some of their recent solid gains, reflecting a build-up in caution at this point, they said.
The TAIEX closed up 79.80 points at a high of 9,148.78. Turnover reached NT$197.31 billion (US$5.98 billion).
Overseas investors yesterday bought a net NT$12.45 billion worth in shares, compared with NT$5.27 billion net bought by domestic investment trust companies and NT$294 million net bought by domestic proprietary traders, according to stock exchange's data.
Shares of Innolux Display Corp (群創光電), the world's second-largest maker of liquid-crystal-display computer monitors, climbed to a record, as foreign investors continued buying the company's stocks after the company posted its largest monthly profit ever.
Innolux stock climbed 6.8 percent, the daily limit, to close at NT$148.50. The stock has almost tripled since its listing on the Taiwan stock exchange in October last year.
Net income during May jumped almost 29-fold from a year earlier to NT$1.19 billion (US$36 million), while sales increased 76 percent to NT$13 billion, Miaoli-based Innolux said in a statement on Wednesday. Earnings in May exceeded the company's first-quarter profit of NT$1.04 billion.
Profit surged after a "very slow" second-quarter last year, Innolux chief financial officer Thomas Hsu (許嘉成) said in a phone interview yesterday. The company is having a "much better" year this year, he said.
The company, which doesn't usually report monthly earnings, disclosed its May results after a request from the Taiwan Stock Exchange to comment on "abnormal" trading, Hsu said.
Local major high-tech companies are scheduled to start reporting second-quarter earnings from late this month and the market usually will use the results to gauge the strength of the tech sector's recovery.
Nan Ya Printed Circuit Board Corp (南亞電路), a maker of boards that connect the chips in personal computers, gained 1.7 percent to NT$205. Nan Ya's stock recommendation was raised to "hold" from "sell" by Pearl Lin, an analyst at Yuanta Securities Corp (元大證券). Lin wrote in a report dated yesterday that rising demand will boost the company's July revenue by 7 percent to 10 percent from June.
With a perceived strong momentum ahead, Mega International Investment Service (
But Jih Sun Securities Investment Consulting Co (日盛投顧) deputy manager Wilson Lien (連偉勝) said the chances of the market heading for a pullback are fast growing.
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