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Shares rebound on optimism of better China business ties

The TAIEX ended the day 2.51 percent higher yesterday as investors hunted for bargains after a slide across much of Asia in the previous session over US recession fears, dealers said.

Investors were also betting on better commercial ties with China following the presidential election later this month, they said.

The weighted index closed up 207.24 points at 8,470.11, just off an intra-day high of 8,471.07. It opened at a low of 8,279.02. Turnover was NT$165.37 billion (US$5.35 billion).

Risers led decliners 1,644 to 411, with 303 stocks unchanged. A total of 83 stocks closed limit-up, with 16 ending limit-down.

RESILIENT MARKET

"Resilience is an understatement," Taiwan International Securities (金鼎證券) analyst Arch Shih said of the market's performance yesterday. "We stood out in the spotlight while our neighbors were pressured by Wall Street."

The NT dollar also resumed its upward trend as more capital flowed into the nation and there was little intervention from the central bank, dealers said.

ON THE RISE

"The currency is strong today because of rising stocks," said Cindy Wang, a currency trader at Bank SinoPac (永豐銀行) in Taipei. "I still expect the Taiwan dollar to rise."

The NT dollar gained NT$0.152 to NT$30.950 against the US dollar at the 4pm close in Taipei, Taipei Forex Inc said.

International fund houses bought NT$98.3 billion more in local stocks than they sold last month, reversing the net sale of stock in January, data provided by the Taiwan Stock Exchange showed.
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