The local stock market received a boost yesterday on improved sentiment after the IMF pledged to inject funds into European banks to help them weather the impact of the eurozone debt crisis, dealers said.
The IMF’s bank recapitalization plan spurred buying of large-cap financial stocks, which had been under downward pressure recently because of concern over their -exposure to Europe’s debt problems, they said.
The TAIEX closed up 142.85 points, or 2.04 percent, at 7,132.00, after moving between 7,094.61 and 7,170.92, on turnover of NT$95.53 billion (US$3.12 billion).
“The index’s jump above the psychological 7,000-point mark right after the market opening attracted more buying in the market, especially with the IMF’s pledge,” Grand Cathay Securities (大華證券) analyst Mars Hsu (徐振家) said.
However, as worries over the European debt crisis and a possible double-dip recession in the US persisted, turnover failed to expand significantly in line with the share price gains.
On the foreign exchange market, the New Taiwan dollar continued gaining ground against the US currency, closing up NT$0.02 at NT$30.612 on turnover of US$813 million.
Taiwan Transport and Storage Corp (TTS, 台灣通運倉儲) yesterday unveiled its first electric tractor unit — manufactured by Volvo Trucks — in a ceremony in Taipei, and said the unit would soon be used to transport cement produced by Taiwan Cement Corp (TCC, 台灣水泥). Both TTS and TCC belong to TCC International Holdings Ltd (台泥國際集團). With the electric tractor unit, the Taipei-based cement firm would become the first in Taiwan to use electric vehicles to transport construction materials. TTS chairman Koo Kung-yi (辜公怡), Volvo Trucks vice president of sales and marketing Johan Selven, TCC president Roman Cheng (程耀輝) and Taikoo Motors Group
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