The TAIEX yesterday rose sharply led by contract chipmaker Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), which was up more than 4.5 percent amid liquidity-driven buying.
The market was also helped by a stronger New Taiwan dollar against the US dollar, which showed signs of less pressure on fund outflows.
The TAIEX ended up 291.05 points, or 2.18 percent, at 13,638.81, the highest since Oct. 7, when the index closed at 13,702.28.
Photo: CNA
Turnover on the main board totaled NT$237.795 billion (US$7.45 billion) yesterday, topping the average NT$200 billion in the previous five trading sessions and indicating that investors were more willing to buy.
Foreign institutional investors bought a net NT$24.13 billion of shares, Taiwan Stock Exchange data showed.
“It was a liquidity-driven uptrend today as funds returned to the local market because of the weaker US dollar,” Concord Capital Management Corp (康和投顧) analyst Lu Chin-wei said.
“Investors at home and abroad appeared more willing to pick up bargains in the tech sector, which had been hit hard by rising interest rates,” Lu said.
TSMC rose 4.51 percent to close at the day’s high of NT$417. The stock’s gains contributed about 160 points to the TAIEX’s rise.
“After a recent slump, the stock’s valuation has become attractive to many bargain hunters,” Lu said.
Lu said the liquidity-driven buying is expected to continue pushing up the TAIEX, leading the market to challenge the high technical hurdles ahead of the 60-day moving average of 13,970 points in the short term.
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