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Taiwanese shares close at 10-day high, up 3.91%

Taiwanese share prices jumped 3.91 percent to a 10-day high yesterday as investors expected a rally driven by low-interest liquidity next week, dealers said.

The weighted index rose 172.88 points at 4,589.04 on turnover of NT$50.46 billion (US$1.53 billion).

A total of 81 shares rose to their daily 7.0 percent ceiling against 18 limit-down.

The market is at its highest since ending at 4,694.52 on Dec. 19.

“Investors hope to build up their portfolio in advance as they forecast a continued rebound in January fueled by ample liquidity” after the central bank cut interest rates to aid the ailing economy, said Allen Lin of Concord Securities (康和證券).

“January is also expected to be short of bad news ahead of the scheduled release of corporate results,” he said.

Financial markets will close on Jan. 1 and reopen on Jan. 5, so uncertainties during the holidays could affect the trend of the global stock market, which would impact on the domestic stock index, analysts said.

Memory-chip makers gained after Premier Liu Chao-shiuan (劉兆玄) said his government would help them after the New Year holidays. Powerchip Semiconductor (力晶) rose 6.9 percent to NT$3.90, and ProMOS Technologies (茂德科技) rose 6.5 percent to NT$2.28.

Taiwan Semiconductor Manufacturing Co (台積電), the world’s leading contract microchip maker, rose 4.27 percent to NT$45.2 and rival United Microelectronics Corp (聯電) was up 5.66 percent to NT$7.47. Cathay Financial Holding (國泰金控) rose 6.94 percent at NT$37 and Taiwan Cement (台泥) surged 6.39 percent to NT$26.65.
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