Taiwan's key stock index posted its biggest gain in a month as some investors said government funds bought Taiwan Semiconductor Manufacturing Co (TSMC,
The TAIEX rose 95.62, or 2.4 percent, to 4136.39, its biggest gain in percentage terms since June 29. Five stocks rose for every two that fell. The TWSE index is the world's second-worst performer in US dollar terms in the last three months, after losing almost a third of its value.
Government funds bought stocks in an effort to restore investor confidence, said Cheng Yi-sheng, who helps manage NT$1.5 billion (US$43 million) in investments at Taiwan Securities Ltd (
The index fell 0.4 percent at the open before advancing.
"The government was buying because when the market opened, there was NT$2 billion to NT$3 billion in margin calls which would have sunk the index below 4,000," said Cheng, referring to brokers' requests for customers to pay back loans they'd taken out to purchase stocks.
Four government funds this month said they'll invest NT$100 billion in stocks by year-end. The government doesn't comment on whether its funds are purchasing stocks or whether it has directed local money managers to buy shares.
The total value of trade was NT$45.15 billion, up from NT$36.73 billion yesterday, though still below this year's daily average of NT$76.39 billion.
TSMC rose NT$1.50, or 2.6 percent, to NT$59. The biggest made-to-order chipmaker is expected to report tomorrow its second-quarter net income dropped 99 percent, though some investors are saying earnings may improve in the third-quarter with better demand for chips. United Microelectronics Corp (UMC,
China Steel Corp (
MediaTek Inc (
Silicon Integrated Systems Co (
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