Stocks skyrocketed yesterday, gaining nearly 5.6 percent amid indications of political reconciliation.
Heavyweight shares like Taiwan Semiconductor Manufacturing led yesterday's gains. The broader TAIEX soared 341.49 points to close at 6,474.11 points yesterday, after shedding 10 percent during the first week after the March 20 presidential election.
PHOTO: CNA
On the local bourse, risers outnumbered losers 938 to 26, with 17 stocks unchanged. Turnover expanded to NT$112.43 billion from NT$97.85 billion on Friday.
"The steep rebound is largely in reaction to the diminishing political tension after President Chen Shui-bian (
Domestic investment-trust investors and proprietary traders yesterday bought a net of NT$4.58 billion, while overseas investors unloaded a net of NT$4.65 billion due to political concern, according to the Taiwan Stock Exchange.
"We're guarded about whether the benchmark index will spiral all the way up as the result of the vote recount could continue to rock the market," Lin said.
Expressing a more optimistic view, Kevin Chung (鐘國忠), a deputy manager at Jih Sun Securities Investment Consulting, said the market was likely to enjoy a second straight gain today as some tech shares are expected to rise following the upcoming corporate earnings reports.
The market should get back on track to reflect the operations of companies as the political row gradually eased, Chung said.
TSMC rose 5.13 percent to end at NT$61.5, while AU rose 6.14 percent, or NT$3.5, to NT$60.5.
The rise of the index is expected to be capped at the psychological barrier of 6,500 points, Chung said.
Looking at the TAIEX in the longer term, Eric Lai (賴葉臣), a portfolio manager who manages a NT$1.5 billion fund for Fidelity Investments Securities Investment Trust, suggested that investors buy tech shares with a brighter outlook and shares in the traditional sector.
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