Tue, Sep 24, 2013 - Page 13 News List

Shares rise on post-holiday trading day

Staff writer, with CNA

Shares yesterday closed higher in Taipei trading as investors, returning from the Mid-Autumn Festival holiday, reacted positively to the US Federal Reserve’s decision to maintain its monetary stimulus scheme, dealers said.

Global markets generally rose after the Fed announced its decision on Wednesday last week, and the first day of trading in Taiwan since the announcement reflected the positive mood, President Securities Corp (統一證券) said.

New trading rules launched yesterday that relaxed restrictions on short selling also lifted investors’ spirits because they are expected to improve the performance of small cap stocks, the brokerage said.

Investors will now be able to short about 1,200 stocks for which short selling is allowed, even if the stock’s price falls below its closing price from the previous session. Only 150 stocks could be previously be traded under those conditions.

The TAIEX closed up 83.65 points, or 1.02 percent, at 8,292.83 on turnover of NT$85.29 billion (US$2.88 billion), after moving between 8,221.34 and 8,293.03.

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