Share prices closed 1.20 percent higher yesterday, as optimism about company earnings provided additional momentum to a market boosted by sustained gains on Wall Street overnight, dealers said.
They said solid second-quarter results and positive guidance at Taiwanese companies helped offset concerns about the fallout from problems in the US home loan industry which have roiled global equity markets in recent weeks.
The weighted index rose 107.25 points, closing at 9,057.82, off a high of 9,134.60 and a low of 9,025.70, on turnover of NT$172.1 billion (US$5.2 billion).
Beyond Asset Management president Michael On said the market initially followed Wall Street's lead and advanced for a second consecutive day, with the biggest losers in recent trade leading yesterday's gains.
"Such a recovery was seen most notably in stocks that suffered the steepest declines recently," On said.
Bargain-hunting lifted technology stocks, which should do better in their traditionally stronger second half of the year.
Dealers cautioned trade may be rangebound going forward as the market enters a consolidation phase, given prevailing concerns over the problems in the US sub-prime mortgage market, foreign investor sales and high oil prices.
High-tech heavyweight Taiwan Semiconductor Manufacturing Co (台積電) closed down 0.40 at NT$63.40 while United Microelectronics Corp (聯電) was flat at NT$18.20.
Fubon Financial Holding Co (富邦金控) gained 0.45 to NT$29.20 and larger rival Cathay Financial Holding Co (
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