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Local shares stage strong rebound, market closes up at 9,243.78 points

TAIPEI, Taiwan -- As the electronics and financial sectors regained losses from the previous session, shares in Taiwan yesterday made a strong rebound and closed up 102.47 points, or 1.12 percent, at 9,243.78.

There was market hearsay that four government-managed pension funds, dubbed by local media as the “Big Four Funds,” are expected to bring NT$100 billion to the market from late August to the end of this year to ease concerns incurred by metropolitan elections held in November.

Catch Up to Global Market

Shares in Taiwan staged a strong rebound yesterday, regaining ground lost over the past three sessions, thanks to a rally on global markets, dealers said.

The weighted index on the Taiwan stock exchange closed up 102.47 points, or 1.12 percent, at 9,243.78, after moving between 9,188,63 and 9,255,09 on turnover of NT$86.37 billion (US$2.88 billion). The index rose to 9,231.31 on Aug. 13 before falling to 9,141.31 at the close of trading Monday.

The Central News Agency (CNA) reported that the biotechnology sector, which took a beating a day earlier, soared 3.5 percent on Tuesday. The photovoltaic sector also regained momentum, led by Motech Industries (茂迪科技), which rose by the maximum 7 percent to NT$37.6.

Electronics stocks rose over 1 percent, while the financial sector was up nearly 1 percent.

The United Evening News yesterday asked Labor Pension Fund Supervisory Committee Vice Chairwoman Liu Li-ju (劉麗茹) when the committee would remit funds to six local brokerages which were designated as proxy investors for the Big Four. The six local brokerages were qualified by the Committee in late March.

Liu revealed that the Committee will release funds of the Big Four twice this year, without naming any specific date.

Even so, the local evening paper reported a ballpark estimate of analysts who projected a total of NT$100 billion will be injected to the local equity market this year. The first half of Big Four funds, over NT$4.2 billion, will be transferred to their proxies in August. The other NT$4.2 billion will be transferred sometime before the metropolitan elections of 2014 held in November.

FINIs Keeps Buying

CNA yesterday reported that foreign institutional investors (FINIs) bought a net NT$6.08 billion in shares Tuesday.

The Taiwan Stock Exchange (台灣證交所) earlier announced that the net overbought position of securities by foreign investors was NT$2.22 billion during the week of Aug. 11-15. This represented the difference between NT$98.13 billion securities bought and NT$95.91 billion securities sold.

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