Taiwanese shares closed up 1.41 percent yesterday following gains on Wall Street, dealers said.
The TAIEX index rose 86.62 points to 6,231.15 on turnover of NT$82.97 billion (US$2.52 billion).
Gainers led losers by 1,502 to 635 with 128 stocks unchanged.
The market opened up 0.71 percent as investors took advantage of recent losses and the buying extended throughout the day on active bargain hunting, dealers said.
“Corrections in the past two weeks did pave the path for the rebound. It seems that selling pressure has been largely digested,” Concord Securities Co (康和證券) analyst Allen Lin said.
Before yesterday, the market had fallen more than 11 percent since the beginning of this month.
Stocks of firms with large real estate assets boosted the index from the market opening on expectations that property prices will rise as Chinese capital is allowed in the local property market, dealers said.
“However, many investors still remained on the sidelines after the recent significant downside,” Lin said, referring to yesterday’s low trading volume.
“That shows it is not easy for the market to ride out of the current narrow range without a takeoff of large cap electronic stocks, which need high liquidity,” Lin said.
The rise in the stock market helped raise the local currency against its US counterpart, with the NT dollar edging up NT$0.026 to close at NT$32.878 on the Taipei Forex Inc yesterday.
Turnover was US$599 million, up from US$497 million in the previous day.
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