TAIPEI: Shares in Taiwan closed above the 9,700-point mark Thursday as buying rotated to the bellwether electronics sector, focusing on select large-cap high-tech stocks amid optimism toward their fundamentals, dealers said.
The gains in the high tech sector offset selling in financials, which came under pressure as investors locked in their profits, dealers said.
Meanwhile, select old economy stocks, in particular in the petrochemical sector, fell on lower pricing power, dealers said.
The weighted index on the Taiwan Stock Exchange ended up 19.30 points, or 0.19 percent, at 9,712.84, after moving between 9,704.93 and 9,766.21. Turnover totaled NT$112.65 billion (US$3.67 billion) during the session.
The market opened up 0.56 percent and rose to the day’s high in a knee-jerk reaction to Wall Street’s overnight gains that were boosted by positive corporate earnings, dealers said.
