Taiex surges 1.25% on strong electronics shares

The local bourse opened at 7,741.8 and fluctuated between a low of 7,716.28 and a high of 7.763.76 during the day's trading before closing at its highest level since Jan. 25. Market turnover totaled NT$103.89 billion (US$3.26 billion).

Amid the bullish sentiment, six of the eight major stock categories posted gains, with machinery and electronic shares recording the highest gain of 1.9 percent. Textile issues rose 1.7 percent, paper and pulp issues advanced 0.8, construction shares gained 0.8 percent, banking and financial stocks soared 0.6 percent, and plastics and chemical shares grew 0.5 percent.

By contrast, both cement issues and foodstuff shares inched down 0.1 percent. As many as 2,090 shares posted gains, 884 suffered drops, and the remaining 322 remaining unchanged.

Foreign investors and Chinese qualified domestic institutional investors (QDIIs) were net buyers of NT$14.75 billion in shares.

On another front, the New Taiwan dollar yesterday enjoyed the largest appreciation in two months, rallying NT$0.13 or 0.4 percent to close at NT$31.890 against the U.S. greenback, as the global economic recovery boosts exports and spurs demand for emerging-market assets.

The appreciation of the local currency went in line with the strengthening of regional currencies against the U.S. dollar, which weakened as international hot money continued flowing into merging markets amid the expectations that the U.S. Federal Reserve won't raise its key interest rates in the short term.

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