“While it remains to be seen whether and when the new yuan business will generate significant sales for local banks, investors decided to buy on hope,” Miao said.
Miao said investors should follow how Wall Street and the European markets move during the Lunar New Year holiday before deciding on investment strategies in Taiwan when trading resumes.
“If turnover expands to NT$100 billion or more, it’s possible that the local market will quickly challenge 8,000 points,” he said.
In other markets on Friday:
Manila was flat, slipping 1.32 points from Thursday to close at 6,458.67.
Wellington added 0.73 percent, or 30.48 points, from Thursday to 4,225.72.
Mumbai slipped 0.49 percent, or 95.55 points, from Thursday to 19,484.77.