BARGAIN HUNTING: One analyst said that there was a consensus that a buying opportunity had emerged, with government-led funds likely leading the rebound
Date: Mar 15, 2020
0By: Staff writer, with CNA
Local shares on Friday closed lower, but recouped a large part of their earlier losses on bargain hunting to return to 10,000 points, while investors remained wary of the COVID-19 pandemic, dealers said.
Bargain hunters turned active after the main board fell to less than 10,000 points and moved closer to 9,600 points, rushing to pick up battered large-cap tech stocks, in particular in the Apple Inc supply chain, while the petrochemical sector underperformed the broader market in the wake of falling international crude oil prices, the dealers said.
The TAIEX on Friday ended down 293.45 points, or 2.82 percent, at 10,128.87, after moving between 9,636.15 and 10,171.20 on turnover of NT$302.182 billion (US$10 billion). That was a 10.5 percent plunge from a close of 11,321.81 on March 6.
The market opened down 3.17 percent in a knee-jerk reaction to heavy losses on US markets, the dealers said. [FULL STORY]