The TAIEX rose 25.26 points, or 0.24 percent, to close at a 27-year high of 10,349.72 yesterday, despite a pullback in most global equity markets after overnight losses on Wall Street, dealers said.
The index opened down 13.94 points on a mild technical correction as selling emerged, focusing on large-cap stocks in the electronics sector, such as contract chipmaker Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) and iPhone assembler Hon Hai Precision Industry Co (鴻海).
However, bargain hunters entered the market in the middle of the morning, picking up old-economy, and small and medium cap stocks, which helped the market move into positive territory and close at a 27-year high after moving between 10,274.75 and 10,379.82 on turnover of NT$108.634 billion (US$3.57 billion).
Electronics edged up 0.07 percent, while financials ended 0.09 percent lower, Taiwan Stock Exchange data showed.
TSMC and Hon Hai ended their two-day winning streaks, with TSMC falling 0.46 percent to NT$215.5 and Hon Hai dropping 1.31 percent to NT$113.
Among the strongest performers in the electronics sector, passive component manufacturer Yageo Corp (國巨) gained 9.85 percent to end at NT$111.5, while its affiliate, Chilisin Electronics Corp (奇力新), rose 2.03 percent to NT$85.5.
Other optoelectronic stocks, including smartphone camera lens supplier Genius Electronic Optical Co (玉晶光), computer component maker Taiwan Union Technology Corp (台燿) and Asia Optical Co (亞光) also closed higher.
Taishin Securities Investment Trust Co (台新投信) fund manager Wei Yung-hsiang (魏永祥) said selling pressure could intensify following the rally and as foreign investors’ buying momentum slows.
Foreign capital inflow will remain a major factor in determining the market’s direction, Wei said.
Foreign institutional investors bought a net NT$2.459 billion of shares on the main board yesterday, Taiwan Stock Exchange data showed.
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