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Foreign brokerages overbuying of Taiwan shares jumps tenfold

TAIPEI, Taiwan -- Foreign institutional investors last week shrugged off political chaos sparked by an agreement to partially open the local service sector to Chinese capital and overbought local shares valued at NT$31.57 billion, a tenfold increase from a week earlier.

The Taiwan Stock Exchange (TWSE) on Monday announced that the securities net overbought position by foreign investors was NT$31.57 billion during the week of March 24-28. The position represented the difference between NT$120.58 billion in securities bought and NT$89.01 billion in securities sold, and a tenfold surge from a week earlier despite the ongoing student protests.

According to TWSE data, foreign institutional investors overbought NT$2.47 billion in local shares during the week of March 17-21.

The accumulated net overbought position by foreign investors during the period year to March 28 was NT$68.53 billion, representing the difference between NT$1,241.77 billion in securities bought and NT$1,173.24 billion in securities sold.

The market capitalization of the shareholdings of foreign investors was NT$8,871.56 billion as of Mar. 28, 2014, or 35.71 percent of the total market capitalization. This is NT$275.66 billion higher than that a week ago.

The three securities that reported the highest overbought positions last week in terms of thousands of shares by foreign investors during the week of March 24-28, 2014 were Taiwan Semiconductor Manufacturing Co. (台積電) (71,795), AU Optronics Corporation (友達光電) (41,713) and Hon Hai Precision (鴻海精密) (36,217).

The three securities that reported the highest oversold positions, in terms of thousands of shares by foreign investors during the week of March 24-28 were Yuanta Financial Holding (元大金控) (50,616), Wistron Corporation (緯創資通) (18,083) and Invetntec Corportation (英業達公司) (16,050).

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