Share prices closed up 2.55 percent yesterday on expectations that upcoming talks with China would yield a closer cross-strait business relationship, dealers said.
The weighted index rose 124.40 points at 4,995.06, off a low of 4,836.51 and a high of 5,010.57, on turnover of NT$78.15 billion (US$2.37 billion).
Gainers led losers by 1,043 to 423 with 358 stocks unchanged.
The market opened higher on further Wall Street gains to trigger some profit-taking after recent strong gains.
It regained some momentum in later trading amid optimism among investors that this week’s historic bilateral talks between China and Taiwan would yield economically beneficial results.
Nevertheless, President Securities (統一證券) analyst Steven Huang remained pragmatic, saying the gains were “technical in nature as we are still in a bear market.”
“I expect no immediate breakthrough amid uncertainty over the global economy,” he said.
Buying interest was mostly concentrated in the transport and tourism sectors, while financial stocks gained on hopes that the bilateral negotiations would touch on topics such as the establishment of a banking clearance mechanism across the Taiwan Strait.
As the market moved closer to the psychological 5,000-point mark, analysts said they expected to see some volatility before the market breaks resistance.
“The trading volume failed to expand today [compared with Friday’s US$86.78 billion], showing that many investors remain cautious,” Huang said.
“Few can be sure whether and when Wall Street will stabilize,” he said.
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