UMC closed @ 82.50 +1.00 vol 33,045,548
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Aug 30 net purchase 2,376m shares
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TAIWAN WEIGHTED closed @ 7616.98 +73.02 (+0.97%)
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Taiwan Shares End Up 1% On Oversold Market, Govt Support
TAIPEI (Dow Jones)--Breaking a six session losing streak Taiwan shares ended up 1.0% Thursday on the belief a recent selloff might have been overdone, which was bolstered by government fund buying, said analysts.
In addition, investors bought to build up positions before the market hits bottom, said Michael Hsu, a deputy manager at Fubon Securities Co., adding the market usually rebounds after margin calls are cleared up.
After Wednesday's 3.5% plunge, which pushed the main index to over a nine-month low, many investors were still facing margin calls, said analysts.
The Weighted Price Index of the Taiwan Stock Exchange closed up 73.02 points, or 0.97%, at 7616.98.
The big board's gains were led by big-cap stocks, especially in the tech sector, said analysts.
However, as sentiment in old-economy stocks remains weak, decliners outnumbered gainers 253 to 242 with 85 unchanged.
Trading was valued at NT$89.74 billion (US$1=NT$31.069), up from NT$86.23 billion Wednesday.
Among active shares, chipmaker United Microelectronics Corp. gained NT$1.00 to NT$82.50. Formosa Plastics Corp. added NT$1.70 to NT$50.00. |
