Rotational buying buoys local shares

CAUTIOUS OPTIMISM: Select large-cap stocks helped drive up the TAIEX, but gains were limited because of concerns by investors about an impending US jobs report

Taipei Times
Date: May 10, 2020
By: Staff writer, with agencies

Local shares on Friday extended momentum from a session earlier to close above 10,900 points, led by select large-cap stocks, as buying was sparked by a rally on US markets overnight, dealers said.

However, buying was capped as market sentiment remained cautious about the global economy amid the COVID-19 pandemic ahead of a jobs report from Washington due later in the day, the dealers said.

The TAIEX on Friday ended up 58.50 points, or 0.54 percent, at 10,901.42, after moving between 10,883.22 and 10,970.70, on turnover of NT$185.693 billion (US$6.21 billion).

That was a 0.8 percent slide from a close of 10,992.14 on April 30 — the last day of trading in a week shortened by the International Workers’ Day long weekend.    [FULL  STORY]

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