The TAIEX yesterday gained 1.63 percent, while the New Taiwan dollar rose 0.75 percent to NT$30.620 against the greenback after a breakthrough in US-China trade talks eased jitters over the economic scene, traders said.
The TAIEX rose 176.99 points to 11,066.95 on turnover of NT$158.824 billion, taking its cue from rallies across the world, Taiwan Stock Exchange data showed.
Local markets were closed on Thursday and Friday last week due to Double Ten National Day.
“The TAIEX has good chance of challenging last year’s resistance of 11,270 without shadows of black swans in sight,” Marbo Securities Consultant Co (萬寶證券投顧) analyst Winson Wang (王榮旭) said by telephone.
The resistance is only 1.8 percent away and local technology firms would lend support with positive earnings results and business guidance for the current quarter and beyond, Wang said.
Semiconductor firms in particular have reported strong performances linked to the high season, order transfers and 5G deployment, he said.
The tentative US-China trade agreement also buoyed local firms in the supply chain of Apple Inc after US President Donald Trump agreed to shelf tariff hikes on consumer electronics pending further discussions.
Taiwan Semiconductor Manufacturing Co (台積電) shares closed up 2.84 percent at NT$290, a record, Hon Hai Precision Industry Co (鴻海精密) rose 2.19 percent to NT$74.5 and Formosa Chemicals & Fibre Corp (台灣化纖) advanced 1.85 percent to NT$88.
Bourse statistics showed that foreign institutional players increased their net holdings by NT$15.18 billion, while mutual funds rose NT$561.87 million and proprietary traders boosted net holdings by NT$717.33 million.
The buying spree helped raise the NT dollar by 0.75 percent, or NT$0.230, on turnover of US$1.426 billion in Taipei trading, the central bank said on its Web site.
The bank issued a statement saying that the NT dollar is relatively stable compared with an 0.82 percent gain in the Singapore dollar, the Chinese yuan’s 1.01 percent rise and the British pound’s 2.81 percent increase.
Central bank Governor Yang Chin-long (楊金龍) said that capital inflows have been evident since last month, attracted mainly by high dividend yields on the local bourse.
Taishin Securities Investment Trust Co (台新投信) fund manager Shen Chien-hung (沈建宏) suggested that investors watch out for technical corrections caused by profit-seeking.
The excitement over the US-China trade deal would give way to fundamental issues, Shen said, adding that major tech firms would be relatively strong performers through the first quarter of next year based on order visibility.
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