On its fifth day of upward movement the TAIEX consolidated around 6,000 points yesterday with strong profit-taking pressure in early trading. However, strong intervention by the National Stabilization Fund and continuous buying from foreign investors pushed the TAIEX up another 105.15 points, closing at 6,023.78 point yesterday on turnover of NT$107.9 billion.
Foreign investors bought a net NT$1.28 billion of shares yesterday, while local fund companies and dealers sold a net NT$1.07 billion and NT$1.05 billion respectively. As has become customary, the stabilization fund did not disclose its position, but it was believed that the it had concentrated buying in electronics shares yesterday, market watchers said.
Meanwhile, Acer Computer Co (宏電腦) decided to buy back 32,000 lots of its own shares. Spokesman of Acer said on Monday that the company would spend NT$1 billion to buy back its shares at a price no higher than NT$42.3 per share. The shares would then be transferred to employees in the form of a company bonus, the spokesperson said. The announcement stimulated buying interest in Acer and other computer-related shares.
At the market's close, 66 shares closed limit-up and 70 shares closed limit-down. Yesterday's trading was again concentrated in electronics shares, and analysts said that if electronics shares can climb further, the TAIEX then would be able to sustain its recent rebound.
However, according to Semiconductor Equipment and Materials International (SEMI), the book-to-bill ratio for semiconductor equipment orders in September declined to 1.16 from 1.23 the in previous month. This is the first continuous year-over-year decline. Analysts said that this poses a near-term threat to semiconductor share prospects.
On the political front, analysts remain cautious about a meeting between President Chen Shui-bian (
"Now that the TAIEX has reached the 6,000-point level, the market will face strong selling pressure and is likely to enter into a consolidation phase," said Henry Cheng (
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