Taiwanese share prices closed 2.93 percent higher yesterday on the back of optimism about closer economic ties with China, dealers said.
A total of 264 shares surged by their daily 7 percent limit, against 18 that were limit-down.
The weighted index surged 186.76 points to 6,566.7 on turnover of NT$240.13 billion (US$7.25 billion).
The market opened flat, but closed near the day’s high, for the fifth rise in a row.
“The continued rally did not reflect fundamentals which, as seen from a number of company earnings reports for the first quarter, showed they were not that good,” said Allen Lin of Concord Securities (康和證券).
“Rather, the rally was bolstered by the China factor,” he said.
Taiwan said last Thursday that it would allow institutional investors from China to buy stocks listed in Taiwan, in a further sign of warming ties between the two countries.
The news sent stocks in Taipei soaring 6.74 percent, kicking off the rally on Friday as investors expected a massive inflow of funds.
The announcement is the latest in a series of measures designed to boost business ties across the Taiwan Strait since President Ma Ying-jeou (馬英九) came into office in May last year.
Construction and financials surged 5.6 percent and 4.57 percent respectively on hopes for greater Chinese investment and closer financial cooperation.
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