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Ample liquidity and Wall Street gains prompt TAIEX rally

Shares closed 1.42 percent higher yesterday as ample liquidity spurred on a rally triggered earlier by Wall Street's solid advance overnight to a record finish, dealers said.

The TAIEX closed up 134.75 points at 9,623.25, on turnover of NT$206.39 billion (US$6.33 billion).

Risers led decliners 1,007 to 857, with 231 stocks unchanged.

On the foreign currency market, the New Taiwan dollar maintained its strength against its US counterpart, on the back on continued foreign capital inflows.

The NT dollar closed the day's trading at NT$32.573 versus the US dollar, up NT$0.005 from the previous close of NT$32.578. Turnover was US$1.249 billion on the Taipei Forex Inc.

Yesterday, foreign institutional managers bought a net NT$18.38 billion worth of Taiwan stocks, compared with a net NT$4.35 billion bought by local institutions, the Taiwan Stock Exchange's data showed.

Financial heavyweights took center stage as old-economy blue chips retreated.
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