The TAIEX hit the 10,000 mark briefly yesterday morning, its highest level in more than 15 years, as foreign investors extended their purchases of local shares.
The benchmark index reached 10,002.58 in the morning, but retreated to close at 9,973.12, which was still 0.6 percent higher than Friday last week and marked the market’s highest closing level since April 11, 2000.
Turnover totaled NT$130.16 billion (US$4.22 billion), with foreign portfolio investors buying a net total of NT$21.57 billion of local shares.
Photo: CNA
Last week, they bought a net of NT$78.3 billion of local stocks.
The strong net buying stimulated demand for the New Taiwan dollar and boosted the currency by NT$0.19 to close at NT$30.861 against the US dollar — its highest level in five months.
The NT dollar strengthened to NT$30.551 versus the greenback in the middle of yesterday’s session.
Most analysts said Taiwan’s market may climb to a record-high level again later this year.
“Although the TAIEX may face some upward pressure for a short while after rebounding to the 10,000-point mark for the first time in 15 years, it may rise again, backed by the government’s stimulus plan and strong liquidity,” CTBC Investments Co Ltd (中國信託投信) fund manager Allison Lu (呂雅菁) said in a note.
Lu said the government’s plan to expand the daily stock trading limit from 7 percent to 10 percent in June, as well as foreign portfolio investors’ interest in buying shares, may both be key factors to raise short-term momentum for the TAIEX.
Taishin Securities Investment Trust Co (台新投信) fund manager Shih Chang-cheng (施昶成) said that various global economic uncertainties, including the uncertainty over when the US Federal Reserve will raise US interest rates, Greece’s poor financial condition and inventory adjustments in the semiconductor sector, have affected the TAIEX and confirmed its rising trend.
“If the TAIEX pulls back in the near term, it may provide a good entry point for investors to welcome a stronger market performance in the second half of this year,” Shih said in a statement.
Franklin Templeton Investment Co Ltd (富蘭克林華美投信) said investors should focus on financial shares and stocks with China concepts, which have not climbed to a reasonable level yet.
NO HUMAN ERROR: After the incident, the Coast Guard Administration said it would obtain uncrewed aerial vehicles and vessels to boost its detection capacity Authorities would improve border control to prevent unlawful entry into Taiwan’s waters and safeguard national security, the Mainland Affairs Council (MAC) said yesterday after a Chinese man reached the nation’s coast on an inflatable boat, saying he “defected to freedom.” The man was found on a rubber boat when he was about to set foot on Taiwan at the estuary of Houkeng River (後坑溪) near Taiping Borough (太平) in New Taipei City’s Linkou District (林口), authorities said. The Coast Guard Administration’s (CGA) northern branch said it received a report at 6:30am yesterday morning from the New Taipei City Fire Department about a
IN BEIJING’S FAVOR: A China Coast Guard spokesperson said that the Chinese maritime police would continue to carry out law enforcement activities in waters it claims The Philippines withdrew its coast guard vessel from a South China Sea shoal that has recently been at the center of tensions with Beijing. BRP Teresa Magbanua “was compelled to return to port” from Sabina Shoal (Xianbin Shoal, 仙濱暗沙) due to bad weather, depleted supplies and the need to evacuate personnel requiring medical care, the Philippine Coast Guard (PCG) spokesman Jay Tarriela said yesterday in a post on X. The Philippine vessel “will be in tiptop shape to resume her mission” after it has been resupplied and repaired, Philippine Executive Secretary Lucas Bersamin, who heads the nation’s maritime council, said
REGIONAL STABILITY: Taipei thanked the Biden administration for authorizing its 16th sale of military goods and services to uphold Taiwan’s defense and safety The US Department of State has approved the sale of US$228 million of military goods and services to Taiwan, the US Department of Defense said on Monday. The state department “made a determination approving a possible Foreign Military Sale” to the Taipei Economic and Cultural Representative Office in the US for “return, repair and reshipment of spare parts and related equipment,” the defense department’s Defense Security Cooperation Agency said in a news release. Taiwan had requested the purchase of items and services which include the “return, repair and reshipment of classified and unclassified spare parts for aircraft and related equipment; US Government
More than 500 people on Saturday marched in New York in support of Taiwan’s entry to the UN, significantly more people than previous years. The march, coinciding with the ongoing 79th session of the UN General Assembly, comes close on the heels of growing international discourse regarding the meaning of UN Resolution 2758. Resolution 2758, adopted by the UN General Assembly in 1971, recognizes the People’s Republic of China (PRC) as the “only lawful representative of China.” It resulted in the Republic of China (ROC) losing its seat at the UN to the PRC. Taiwan has since been excluded from