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TAIEX ends at day's high after late bargain-hunting

Taiwan share prices closed at the day's high, up 1.02 percent yesterday, as late bargain-hunting reversed earlier sharp falls that followed Thursday's sell-off on Wall Street, dealers said.

The TAIEX closed up 83.02 points at 8,184.65, off a low of 7,883.91, on turnover of NT$165.69 billion (US$5.13 billion).

Risers led decliners 1,219 to 763, with 385 stocks unchanged. A total of 38 stocks closed limit-up, while 22 were limit-down.

Late in the session investors turned their attention to financials and companies with hefty property holdings, seen likely to profit from improved economic ties with China, dealers said.

The landslide victory by opposition Chinese Nationalist Party (KMT) in parliamentary elections last Saturday has raised hopes of an easing of cross-strait tensions, they said.

"It was roller-coaster trade, with investors turning their focus back to cross-strait economic relations and away from the slowing US economy," said Michael Hsu (許派一), an assistant vice president at Taiwan Life Asset Management (台壽保投信).

The transport sector led early declines, continuing to react to the weakness of the Baltic Dry Index that tracks freight rates of bulk commodities.

Technology stocks ended slightly raised despite concerns over prospects of weakening demand from the US.

"Local technology stocks have been lagging the broad market, so their prices attracted some bargain-hunting," Hsu said.

This week, the weighted index closed up 155.34 points or 1.93 percent after a 2.33 percent fall a week earlier.

Average daily turnover stood at NT$188.57 billion, compared with NT$131.54 billion a week ago.

The market was expected to fluctuate between 8,000 points and 8,300 next week, dealers said.
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