Taiwanese shares closed up 1.03 percent yesterday as bargain hunters emerged in late trade to help the market recoup early heavy losses on an overnight Wall Street dive, dealers said.
The weighted index rose 48.21 points to 4,742.33, off a low of 4,468.08 and a high of 4,777.23, on turnover of NT$67.18 billion (US$2.05 billion).
Gainers led losers by 992 to 447 with 333 stocks unchanged.
The market opened sharply lower but with the index moving below 4,500 points, a number of investors reversed their course to pick up cheap stocks, particularly in the battered financial sector, to lift the broader market, dealers said.
Investors also set aside anti-China sentiment from the opposition Democratic Progressive Party, while violent protests against a visit by a top Chinese envoy left more than 60 police and about 20 others injured, they said.
“Financial stocks look attractive on their low valuations,” President Securities (統一證券) analyst Vickie Hsieh (謝雯霞) said.
“Investors have high hopes that China and Taiwan will enter talks for closer financial cooperation in the next bilateral meeting scheduled for the first half of next year,” Hsieh said.
While the market may rise above the 5,000-point level again next week, selling pressure may emerge to erode the gains with technical support at around 4,500 points, dealers said.
For the week, the weighted closed down 128.33 points or 2.63 percent after a 6.36 percent increase a week earlier.
Average daily turnover stood at NT$72.04 billion, compared with NT$68.42 billion a week ago.
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