Stocks begin Year of Snake strong

Trade volume yesterday was NT$95.521 billion. Institutional investors all posted net purchases, with foreign investors, investment trusts and securities firms net-buying NT$3.14 billion, NT$317 million and NT$1.043 billion, respectively, translating into a total of NT$4.5 billion.

The index had its brush with 8,000 earlier in the trade yet retreated in the afternoon.

“The 8,000 mark is a critical psychological threshold. Reaching it and then losing it is pretty normal, considering investors are still being very cautious,” said Wang jung-hsu, analyst with Marbo Investment.

“Based on my observation, with electronic and banking shares still going strong, the TAIEX exceeding 8,000 is a possibility,” he added.

Another analyst, Hsu Chen-chia of Grand Cathay Securities, offered a different view, saying buying will now be rotated into China-themed shares, considering that banking shares may face a possible technical resistance and that the IT industry is now in a slow season.

“Many international firms will report their 2012 results in March, and investors are taking a wait-and-see attitude,” he said. “I believe that there will be another correction before the TAIEX stands firm at 8,000.”

Separately, Taiwan Semiconductor Manufacturing Co. (TSMC), which accounts for 1 percent of total market capitalization of firms traded on the Taiwan Stock Exchange, yesterday hit NT$108.5 at one point, its highest in 12 years. The firm's market value reached NT$2.8 trillion at that price.

At the end of trade, the firm closed at NT$107, up 1.9 percent from the previous session.

For January, TSMC had sales of NT$47.439 billion, a rise of 27.7 percent from December.

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