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June 23, 2017

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Rotational financials buying lifts the local market: dealers

TAIPEI--Shares in Taiwan extended gains Wednesday from a session earlier as buying rotated to the financial sector, which had been lagging behind the broader market, dealers said.

The weighted index on the Taiwan Stock Exchange closed up 44.27 points, or 0.47 percent, at 9,288.05, after moving between 9,249.31 and 9,294.49 on turnover of NT$88.46 billion (US$2.95 billion).

"As technical barriers ahead of 9,300 points remained high, many investors were reluctant to chase prices," Mega International Investment Services Corp. analyst Alex Huang said. "Such cautious sentiment kept today's turnover low."

"Although the local equity market staged a strong rebound yesterday, local share prices generally were in consolidation mode.

That's why today's upturn was limited," Huang said.

The market opened up 0.37 percent in a knee-jerk reaction to gains posted on Wall Street overnight as market sentiment toward the U.S. economy improved due to better new housing construction data, the dealers said.

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