Sat, Jul 07, 2007 - Page 11 News List

Rotational interest helps TAIEX rack up fifth daily gain

AFP , TAIPEI

Shares closed 0.43 percent higher yesterday as investors took rotational interest in stocks across the board, finishing the week with a fifth consecutive daily gain, dealers said.

However, toward the end of trading, they said, price movements became more rangebound as some investors took profits ahead of the weekend and after Wall Street finished a lackluster session overnight.

The TAIEX closed up 39.53 points at 9,188.31, on turnover of NT$210.72 billion (US$6.42 billion).

Foreign investors remain major players in the market, continuing to seek laggards in the non-high-tech sector.

Overseas investors yesterday bought a net NT$8.52 billion worth of Taiwanese shares. For the week, they bought a net NT$48.93 billion in shares.

For the week, the TAIEX closed up 305.10 points or 3.43 percent. Average daily turnover for the week stood at NT$183.82 billion compared with NT$157.44 billion a week earlier, the Taiwan Stock Exchange's data show.

Yuanta Core Pacific Capital Management (元大京華投顧) analyst Jacky Tam said that investors appeared bullish with the market hitting seven-year highs and pushing daily volumes higher in the past few weeks, after the government released details of four major urban renewal projects earlier this week.

However, Concord Securities Co (康和證券) analyst Allen Lin said investors should watch out for any technical pullback.

"Since the end of May, the market has risen almost 13 percent. It is quite staggering. Even if the weighted index continues to go higher, the gains are unlikely to impress investors," Lin said.

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