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TAIEX stronger on Wall Street's rise despite late selling

Share prices closed 0.32 percent higher yesterday as late selling pared early gains inspired by Wall Street's rise on a US government's rescue plan for its mortgage sector, dealers said.

The TAIEX closed up 27.97 points at the day's low of 8,722.38, off a high of 8,804.93, on turnover of NT$115.08 billion (US$3.56 billion).

Decliners outnumbered advancers 1,139 to 872, with 471 stocks unchanged.

For the week to yesterday, the weighted index closed up 135.98 points or 1.58 percent after a 2.93 percent increase a week ago.

Average daily turnover stood at NT$108.92 billion, compared with NT$114.96 billion a week earlier.

On the foreign exchange market, the New Taiwan dollar ended the day's trading at NT$32.309 against the US dollar, unchanged from the previous close.

An increase in the amount of purchases by foreign investors on Thursday boosted the market in early trade. Net selling by foreigners had battered the Taipei bourse in recent weeks, dealers said.

However, profit-taking and loss-cutting pressure emerged in late trade given lingering global economic uncertainties.

Michael On (洪瑞泰), president of Beyond Asset Management Co (晉昂證券投顧), said early rises were offset by the still cautious sentiment.

"The quick rotational plays among various sectors pointed to a still conservative attitude towards the broad market," he said.

The domestic market will remain hostage to the US market next week, with investors awaiting any further US action to weather the fallout from the subprime mortgage crisis.
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