Friday November 16, 1:48 PM
Taiwan stocks end higher, supported by tech shares
sg.biz.yahoo.com
TAIPEI, Nov 16 (Reuters) - Taiwan stocks extended a two-month high on Friday as investors continued to snap up heavily weighted tech shares due to expectations electronics issues would have larger room for upside in the short term, analysts said.
The main TAIEX <.TWII> added 43.03 points or 0.98 percent to settle at 4,446.62, extending Thursday's 2.94 percent gain.
"Though Nasdaq retreated slightly last night, most investors took it as a normal correction after its recent steep gains and they were still bullish on the (local) stock market's follow-through movements," said Abraham Tung, investment manager at Jih Sun Securities Investment Trust.
Turnover remained active at T$110.73 billion, the highest since April 19, when turnover reached T$128.05 billion.
On Thursday, the Dow Jones Industrial Average <.DJI> added 0.50 percent, while the tech-laced Nasdaq composite index <.IXIC> was off 0.14 percent.
Taiwan investors often view movements of Nasdaq as an indicator of activity in local tech shares as many of Taiwan's tech firms are contract suppliers to their U.S. counterparts.
The heavily weighted electronics sub-index <.TELI> rose 0.96 percent, and the banking and insurance sub-index <.TFNI> gained 1.24 percent.
(US$1 = T$34.5) |
