LONG VIEW: An analyst said that TSMC’s gains were a sign of foreign institutional investors boosting the index on the spot market to profit with long position futures
Date: Mar 17, 2019
By: Staff writer, with CNA and AFP
Local shares on Friday moved higher to overcome stiff technical resistance ahead of 10,400 points as the bellwether electronics sector continued to steam ahead, led by contract chipmaker Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), dealers said.
The old economy sector also attracted buying as bargain hunters rushed to pick up stocks in the sector, which has lagged behind the high-tech sector, as well as the broader market, for some time, dealers added.
The TAIEX on Friday closed up 90.59 points, or 0.88 percent, at the day’s high of 10,439.24, after rebounding from a low of 10,370, on turnover of NT$152.996 billion (US$4.95 billion).
That was a 1.9 percent gain from a close of 10,241.75 on March 8. [FULL STORY]