CONSOLIDATION: One analyst said that with foreign institutional investors stepping away for the holidays as the index nears technical resistance, a breakthrough is unlikely
Date: Dec 08, 2019
By: Staff writer, with CNA and AFP
Local shares on Friday ended slightly higher as investors locked in earlier gains, which eroded an upturn on the main board by the end of the trading session ahead of the nearest technical resistance level, with the index breaching 11,600 points, dealers said.
Market sentiment continued to be dictated by uncertainty over global trade as the US and China have yet to sign a “phase one” agreement to resolve their trade disputes, while turnover remained thin, as many foreign institutional investors were away from the trading floor for year-end holidays, they said.
The TAIEX on Friday ended up 14.99 points, or 0.13 percent, at 11,609.64, rising 1 percent from a close of 11,489.57 on Nov. 29, after moving between 11,577.83 and 11,657.65, with turnover totaling NT$109.61 billion (US$3.59 billion).
The market opened up 0.39 percent and soon rose to the day’s high on follow-through buying from a session earlier, when the TAIEX closed up 0.73 percent, but with the weighted index breaching 11,600 points and moving closer to the technical hurdles at about 11,668 points, an intraday high recorded on Nov. 6, selling emerged to force the main board to give up its earlier gains, the dealers said. [FULL STORY]