Sat, May 17, 2014 - Page 13 News List

TAIEX reverses losses with late trading

Staff writer, with CNA

Shares in Taiwan edged up yesterday as late-session buying helped the TAIEX recoup earlier losses amid eased concerns over anti-China protests in Vietnam that have affected many Taiwanese investors there, dealers said.

The buying offset the effects of a plunge on Wall Street overnight as bargain hunters rushed to pick up stocks, largely in the old economy sector, while the relatively low valuation in the financial sector also attracted interest, the dealers said.

The TAIEX closed up 7.8 points, or 0.08 percent, at 8,888.45, on turnover of NT$75.83 billion (US$2.51 billion).

The market opened down 0.26 points in reflection of the weakness on Wall Street, where the Dow Jones Industrial Average fell 1.01 percent overnight on mixed economic data, the dealers said.

“It seems that the impact from anti-China protests in Vietnam has eased. With more Taiwanese investors there resuming operations, investors became more willing to buy in the local bourse,” Hua Nan Securities (華南永昌證券) analyst Stan Chang said.

“Although the local bourse followed Wall Street to trend lower during most of the session, many investors rushed to take advantage of the fall in valuations in the late session,” Chang said.

Eclat Textile Co (儒鴻) rose 1.61 percent to close at NT$316 and rival Makalot Industrial Co (聚陽實業) added 3.4 percent to close at NT$152. The two textile firms have production bases in Vietnam.

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