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December, 8, 2016

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Local shares up, gains capped at 9,300 points

TAIPEI -- Shares in Taiwan closed higher Thursday, extending the momentum from a day earlier, but moved in a narrow range throughout the session with the gains capped ahead of strong technical resistance around the 9,300-point mark, dealers said.

The petrochemical sector led the upturn as international crude oil prices surged after the Organization of the Petroleum Exporting Countries (OPEC) reached an agreement to cut production, which eased worry over a supply glut, dealers said.

Buying also rotated to the financial sector, which had been lagging behind the other sectors, while the bellwether electronics sector remained in the doldrums as high-tech heavyweights failed to gain amid thin turnover, dealers said.

Shares of TransAsia Airways, which announced its shutdown last week, continued a dive after a takeover proposal was withdrawn Wednesday, dealers said.

The weighted index on the Taiwan Stock Exchange ended up 22.82 points, or 0.25 percent, at 9,263.53, after moving between 9,241.78 and 9,278.96. Turnover totaled NT$73.97 billion (US$2.32 billion) during the session.

The market opened up 4.84 points in a knee-jerk reaction to a mixed Wall Street overnight, but petrochemical shares gained momentum, sparked by about a 9 percent increase in international crude oil prices overnight after OPEC members decided to cut production by 1.2 million barrel a day, dealers said.

The gains by petrochemical and other raw material stocks, as well as financial stocks, offset the losses in the electronics sector, pushing the broader market above the previous closing level, although it failed to breach 9,300 points, dealers said.

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