The combined turnover of the Taiwan Stock Exchange (TWSE) and the Taipei Exchange on Friday reached NT$563.42 billion (US$19.84 billion) — a new high — as investors rushed to pocket earlier gains.
The TAIEX on Friday closed down 72.34 points, or 0.43 percent, at 16,854.10, after coming off an all-time intraday high of 17,016.13, market data showed.
Turnover on the TWSE, including after-hours transactions, was NT$439.53 billion — the fourth-largest trading volume in the exchange’s history.
Photo: CNA
A similar story was seen on the Taipei Exchange, which ended down 0.49 points, or 0.23 percent, at 213.31, off an earlier high of 215.12.
Turnover was NT$123.88 billion, the second-highest in the exchange’s history.
Taishin Securities Investment Advisory Co (台新投顧) vice president Tony Huang (黃文清) said that large-cap tech stocks encountered downward pressure when the TAIEX hit the intraday high on Friday, but with plenty of liquidity in the market, buying rotated to select petrochemical stocks to support the index.
Despite the profit-taking, the TAIEX closed above the nearest technical support at about 16,781 points, the five-day moving average, indicating that the market’s upward trend remained unchanged, Mega International Investment Services Corp (兆豐國際投顧) manager Alex Huang (黃國偉) said.
Last week, the TAIEX closed up 282.82 points, or 1.71 percent, with the steel sector gaining 10.07 percent — the best of any sector.
The financial and insurance sector lost 0.72 percent during the week, lagging behind all of the other sectors.
The semiconductor sector remained the focus of investors on the TWSE, accounting for 35.61 percent of total turnover for the week, ahead of the optoelectronics sector (13.22 percent) and the electronics component sector (10.3 percent), exchange data showed.
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