BROAD BASE:This year’s rally is founded on an improving economy at home and abroad that has facilitated the return of traders from overseas markets, an analyst said
Date: May 10, 2017
By: Crystal Hsu / Staff reporter
The TAIEX yesterday touched the much-anticipated 10,000-point mark midsession, but closed down 0.22 percent at 9,915.48 points on a large turnover as investors cashed out on gains, traders said.
“Concerns over downward revisions drove investors to take profits after the main index briefly touched the psychologically important barrier,” JP Morgan Asset Management (摩根投信) fund manager James Yeh (葉鴻儒) said.
The reversal did not indicate changes in market fundamentals, but reflected a lack of confidence on the part of investors, Yeh said.
Turnover jumped 30.57 percent from Monday to NT$108.2 billion (US$3.58 billion), as foreign institutional investors increased holdings of local shares by a net NT$5.17 billion, Taiwan Stock Exchange (TWSE) data showed. [FULL STORY]