Share prices closed up 1.72 percent yesterday as investors hailed a rally on Wall Street and falling crude oil prices, dealers said.
The weighted index rose 119.08 points to 7,030.72, off a low of 6,935.59 and a high of 7,050.31, on turnover of NT$65.73 billion (US$2.09 billion).
Gainers led decliners by 1,361 to 678 with 452 unchanged.
The market opened higher following the Wall Street rally and gathered steam in late trade, led by transport and tourism sectors.
“Transport stocks gained on expectations that the sector will benefit from falling fuel costs to boost their bottom lines,” President Securities Co (統一證券) analyst Johnny Lee said.
China Airlines (華航) rose 6.67 percent to NT$11.20 and EVA Airways (長榮航空) gained 6.91 percent to NT$11.60.
Lee said investors also embraced hopes that after the Beijing Olympics, China will allow more tourists to visit Taiwan.
“That’s why the tourism sector attracted much market attention today,” he said.
However, trading volume fell further from last week’s average of NT$$80.30 billion as many investors still took to the sidelines, watching closely how US markets will go, dealers said.
They said the market would face strong resistance at around 7,200 points in the short term.
“Concerns over a US economic slowdown remain in place. Few can be sure whether US markets are able to get away from turbulence ahead,” Lee said.
“The local bourse has not turned technically stable yet despite today’s gains. It is possible for it to test 6,800 points again if Wall Street suffers volatility,” he said.
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