Thin trading volume limits gains for Taiwan's benchmark index
CNATAIPEI -- Taiwan's benchmark index saw a limited rise yesterday due to thin trading volume, despite stocks opening higher early in the day, dealers said.
August 13, 2013, 12:05 am TWN
The weighted index opened at 7,878.22, moving between 7,908.68 and 7,862.04 before closing up 47.24 points, or 0.6 percent, at 7,903.38. Turnover was NT$62.72 billion (US$2.09 billion).
In all, 2,293 stocks closed up, while 2,447 finished down and 440 remained unchanged.
Most categories on the main stock exchange gained strength, with the cement sub-index rising 2.6 percent and the paper and pulp sub-index gaining 0.81 percent.
On the losing side, the food sub-index fell 1.03 percent and construction shares were down 0.3 percent.
KGI Securities analyst Mars Hsu said that the local market would be technically weak due to the thin trading, with a bottom line at the one-year moving average of 7,789.
“Despite the possibility of government buying in the near future, there is still no obvious sign of a rebound,” Hsu said.
Lacking confidence, investors are adopting a wait-and-see attitude, he added.
US Dollar Closes Higher
The U.S. dollar rose against the Taiwan dollar Monday, gaining NT$0.025 to close at NT$29.980.Turnover totaled US$501 million during the trading session.
The greenback opened at NT$29.955, and moved between NT$29.920 and NT$29.980 during the trading session.