Weighted stocks support TAIEX gains
Taiwan News, Staff Writer
The Taipei Stock Market opened low but trended high on Monday, gaining 28.21 points, or +0.32%, to close at 8605.38 points. Turnover contracted to NT$79.02 billion.

The OTC market closed down for the fourth consecutive day, falling 1.46 points, or -1.02%, to 140.94 points with a turnover of NT$26.59 billion.

The continuing spread of anti-trade service protests impacted market confidence and the weighted index of the Taipei Stock Exchange fell on Monday to open down at 8540.27 points. The index traded between a high of 8605.38 points and a low of 8508.01 points for the session. Even though small-caps continued a sharp pullback correction due to trading higher, with clear support from mid and large cap weighted stocks including Delta Electronics (2308), Hon Hai (2317), HTC (2498), MediaTek (2454) and a number of financial stocks, the market bottoming out at 9:30 AM, reversed course, consolidated at its opening level, rose into the black, closed up 28.21 points, and, once again, pushed the weighted index past 8,600 points.

Even though financial stocks closed at 971.24 points, its lowest point since October 3 of last year, the stance of leading shares mitigated losses with publicly held holding companies and Cathay Financial Holdings (2882) once again up for the day.

Of individual stock, Cathay Financial Holdings was the first to reverse its losses. Publicly-held holding companies including Mega Holdings (2886), Hua Nan Financial Holdings (2880), First Financial Holding (2892), and Taiwan Cooperative Holdings (5880) all ended the day unchanged.

Analysts state, all past political incidents had a short-term impact on the market. Investments strategies should return to fundamentals. Investors do not need to sell blindly in the wake of anti-trade service protests. Instead, they should lay out a plan that includes performance themed stocks and high-yield concept stocks.

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