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Expected gains on New Taiwan dollar spike share prices

Share prices closed 0.18 percent higher yesterday as profit-takers trimmed early gains driven by expectations a stronger New Taiwan dollar will herald a flow of funds into the market, dealers said.

The weighted index closed up 14.53 points at 7,890.90, off a high of 7,988.02 and a low of 7,872.71, on turnover of NT$103.05 billion (US$3.25 billion).

Risers led decliners 1,105 to 757, with 379 stocks unchanged.

A total of 95 stocks closed limit-up and 28 were limit-down.

The food sector outperformed with a 2.57 percent gain and the heavily weighted electronics sector was up 0.21 percent, while financials were down 1.13 percent.

The cement sector was up 2.22 percent, textiles rose 1.17 percent and plastics/petrochemicals gained 0.61 percent.

Paper rose 0.38 percent, and construction was up 0.27 percent.

"Taipei shares largely managed to hold steady despite some profit-taking towards the close, reflecting investor reluctance to push them much higher," said Taiwan Life Asset Management (台壽保投信) assistant vice president Michael Hsu (許派一).

"We might have seen a bottoming-out below 7,500 points last week," he said. "But people are simply not ready for a fully bullish stance with the March 22 presidential election still looming as a big uncertainty."

Chipmaker Taiwan Semiconductor Manufacturing Co (台積電) was down NT$1.50 at NT$60, while United Microelectronics Corp (聯電) was NT$0.05 higher at NT$18.

ASE (日月光), an integrated circuit testing and packaging service provider, was down NT$0.25 at NT$27.15.
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