Taiwan stock market up 0.08% on bargain-hunting, gov’t support

Sandra Chuang, The China Post

The Taiwan stock market yesterday rose 3.3 points, or 0.08 percent, to close at 4,371.99 on a daily turnover of NT$44.3 billion.

The index fell 50.67 points at the opening due to overnight losses on the U.S. stock market. After the initial decline, the market turned positive as several rounds of bargain-hunting helped the index rebound. Dealers said the market was mainly supported by gains in bellwether electronics and financials, reportedly on purchases by domestic investment trust companies on behalf of the civil service pension fund. Meanwhile reports citing Minister of Finance Yen Ching-chang as saying more government funds will be placed under account management also encouraged investors to reenter the market. “The market has fallen quiet a bit, so it’s not surprising to see a rebound,” said a broker. Technical shares were mixed on the overnight fall in the Nasdaq, with Taiwan Semiconductor Manufacturing Co. shedding 0.8 percent to close at NT$62.5 and United Microelectronics Corp. rising 1.9 percent to stand at NT$37.3. Financial shares rebounded from recent sharp losses as investors bought these shares on the belief that these shares were undervalue.Traditional shares were also mixed with some shares staging a rebound while other titles continued to decline.