Taiwan share prices up despite forex concerns

The local bourse's main index hit the day's low of 7,731.32 less than 15 minutes into the session before rallying to close up 4.82 points, or 0.06 percent, at the day's high of 7,823.97. Turnover was NT$73.8 billion.

In all, 1,924 stocks closed up, 2,874 closed down and 442 remained unchanged.

Market analyst Kevin Lin said share prices came under pressure because of traditional pre-Lunar New Year holiday selling pressure that came early this year and the Taiwan dollar's appreciation against the U.S. dollar, threatening the earnings of electronics exporters.

The U.S. dollar ended higher against the Taiwan dollar Monday, gaining NT$0.019 to close at NT$29.058 after opening at the day's high of NT$29.060 before reaching a low of NT$28.928 during the session.

But Lin said expectations that global markets will soon stabilize and optimistic forecasts for the soon-to-be released earnings reports of Apple Inc. and Intel Corp. should give Taiwan's market positive momentum.

He predicted that it could hit a high of 8,000 points before the Lunar New Year in February.

Among the market's eight major categories, shares in four categories lost ground yesterday.

Cement shares fell 0.4 percent, plastics and chemical stocks closed down 0.5 percent, food stocks lost 0.1 percent and textile shares finished down 0.3 percent.

Machinery and electronics shares gained 0.2 percent, construction shares closed up 1 percent and financial stocks rose 0.4 percent. Paper and pulp shares remained unchanged.

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