The TAIEX is expected to challenge the 12,000-point mark in the second half of this year due to peak-season effects in the electronics sector and friendlier government measures ahead of November’s nine-in-one elections, Capital Securities Corp (群益金鼎證券) said on Thursday last week.
As the US high-tech industry is expected to improve further during a period of continued economic recovery, electronics stocks in Taiwan — which are highly connected to those in the US — are expected to ride the wave of rising sales in the second half of this year, Capital Securities said.
The local electronics sector is also expected to benefit from efforts to develop artificial intelligence, mobile communications and 5G technology in the global market, the brokerage said.
Due to the upcoming elections in Taiwan, government policies could benefit companies not in the high-tech sector in the second half of this year, it said, adding that this would include financial stocks, renewable energy-related stocks, as well as steel, textile and rubber stocks.
The TAIEX rose 0.67 percent to end at 11,087.47 points on Friday last week, but fell 0.62 percent for the week with market capitalization down 0.57 percent at NT$33.18 trillion (US$1.11 trillion).
So far this year, the TAIEX has risen 4.18 percent, and the Financial Supervisory Commission on Friday last week said that the local equity market remained resilient, despite MSCI Inc cutting Taiwan’s weighing in two of the global index provider’s indices.
As the TAIEX has managed to move above the 240-day moving average of 10,660 points in the short term, the index remains technically healthy, despite recent ups and downs, Capital Securities said.
The TAIEX might remain in consolidation mode in the third quarter before taking off to challenge 12,000 points in the fourth quarter, the brokerage said.
After that, the local main board is expected to suffer a technical pullback at the end of this year or early next year, while the US Federal Reserve’s interest rate hikes could drain liquidity in global equity markets, which is the last thing investors want to see, it said.
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