Sat, Mar 14, 2009 - Page 11 News List

TAIEX closes up 3 percent on rallies on Wall Street

AFP , TAIPEI

Taiwanese shares closed up 3 percent yesterday as sentiment was buoyed by rallies on Wall Street and regional markets, dealers said.

The weighted index rose 142.74 points to 4,897.39 on turnover of NT$124.95 billion (US$3.62 billion).

Gainers outnumbered losers by 1,518 to 353, with 151 stocks unchanged.

The market opened 1.9 percent higher as investors took cues from the rally on Wall Street, but buying accelerated as the session went on, dealers said.

“It seems to me that investors have turned upbeat this morning and willing to buy,” President Securities (統一證券) analyst Johnny Lee said. “Positive international market movements did play an important role behind the upside, with investors leaving economic woes behind.”

Lee said the expanded turnover indicated that foreign institutional investors were the major buyers of the day.

“If Wall Street keeps steaming ahead, foreign investors are likely to buy more and the local upside may continue,” he said.

For the week, the market rose 243.76 points or 5.24 percent to 4,897.39. Average daily turnover stood at NT$97.19 billion compared with NT$84.39 billion a week ago.

Since the beginning of last month, the bourse has gained almost 15 percent. Mega Securities (兆豐證券) analyst Alex Huang (黃國偉) said investors should watch how General Motors resolves its financial difficulties.

“If negative news emerges related to GM, Wall Street may pull back and hurt its foreign counterparts, including Taiwan,” Huang said.

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