Taiwanese shares closed up 2.39 percent yesterday on bargain hunting following overnight Wall Street gains, dealers said.
The weighted index rose 169.11 points at 7,244.76, off a low of 7,044.48 and a high of 7,258.31, on turnover of NT$109.12 billion (US$3.59 billion).
Gainers led losers by 1,739 to 446 with 390 stocks unchanged.
“It was little surprise that the market staged a comeback after recent steep declines. The battered market has appeared attractive,” Taiwan International Securities Corp (金鼎證券) analyst Arch Shih (施博元) said.
“After the Wall Street upside and regional markets’ rebound, in particular, market sentiment improved to some extent,” Shih said.
Shih said yesterday’s buying interest focused on electronics and financial heavyweights, significantly boosting the broader market.
However, Shih said it was too early to say whether the gains can be sustained after yesterday’s upside.
“Concerns over inflation remain in place. Fears on further volatility on Wall Street have not been eased yet. I prefer to perceive the upside as just a technical rebound,” he said.
A BNP Paribas trader said investors were cautious about US corporate earnings results due over the next few weeks, which may still weigh on the local market in the near term.
For the week to yesterday, the weighted index closed up 16.35 points or 0.23 percent after a 4.24 percent fall a week earlier.
Average daily turnover stood at NT$100.05 billion, compared with NT$99.81 billion a week ago.
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