Shares in Taiwan moved into consolidation mode yesterday, closing slightly higher after a lackluster overnight performance by US markets.
The TAIEX closed up 48.02 points, or 0.29 percent, at 16,643.69, on turnover of NT$425.761 billion (US$15.3 billion), Taiwan Stock Exchange data showed.
Foreign institutional investors bought a net NT$1.95 billion of shares after a net sell of NT$1.18 billion the previous day.
Photo: Taipei Times file photo
“Following Monday’s rally, the main board moved in a narrow range throughout the trading session, as the electronics sector turned quiet,” Cathay Futures Consultant Co (國泰證期顧問) analyst Tsai Ming-han (蔡明翰) said.
On Tuesday, the TAIEX surged 1.58 percent after the tech sector soared 2.28 percent.
“Many tech heavyweights fell into negative territory, so the electronics sector lost its status as a pillar to the broader market. It was no surprise that the TAIEX failed to make a breakthrough today,” Tsai said.
“As interest in the tech sector faded, buying rotated to old-economy stocks, in particular in the shipping and steel sectors,” he said.
However, investors should be cautious about shipping stocks as they have become targets of day trading, which is likely to cause volatility, Tsai said.
“Although the TAIEX ended above the 20-day moving average of about 16,560 points today,” the main board could test that level again, as foreign institutional investors’ attitudes remain unclear, he said.
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