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TAIEX tops 8,800 reaching 33-month high
Taiwan News, Staff Writer
2014-03-31 05:33 PM
With the peaceful resolution of the anti-service trade protest on Ketagalan Blvd. Sunday and the U.S. market rally on Friday, Taiwan stocks opened up 28 points on Monday. The market consolidated below 8,800 in the early session but surged higher after breaking the 8,800 barrier in midday trading. TSMC (2330), Delta Electronics (2308), and weighted financial stocks benefited most. The weighted index of the Taipei Stock Exchange rose 74.64 points, or +0.85%, to close at 8,849.28, a 33 month high! Turnover was only NT$86.31 billion and insufficient volume is still a hidden concern.

The performance of weight electronic stocks diverged yesterday. TSMC climbed and Delta Electronics also reached a new high of NT$188, or +4.4%. ASE (2311), HTC (2498), and Pegatron (4938) all rose 3%. Inotera (3474) rose 2%. However, disappointing 2013 financials caused Quanta (2382) to fall 4.5%. Hon Hai, which released last year’s Q4 financials on Friday, traded flat due to a good EPS of NT$8.16 still failing to meet market expectations. In addition, spurred by optimistic statements by TSMC chairman Morris Chang, related wearable devices and logistics stocks reaped benefits with the electronic index rising 0.94% and accounting for 58% of market turnover.

Among financial stocks the shadow of the trade service crisis lingered but losses rebounded towards the end of the session. Government held financial superstar Mega Financial (2886) rose 1.1%. Chang Hwa Bank (2801), Hua Nan Financial (2880), First Financial (2892), and Yuanta Financial (2885) all closed higher to drive the financial index up 0.19% and account for 5.2% of market turnover.

In terms of institutional investors, foreign investors and mainland investors purchased over NT$10.54 billion, investment trusts sold over NT$60 million, and dealers bought over NT$784 million for a total net buy of over NT$11.26 billion.

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