By: Central News Agency
Taipei, Feb. 26 (CNA) Shares in Taiwan closed higher Friday as buying rotated to non-high tech stocks, in particular in the petrochemical and financial sectors, helping the broader market recoup earlier losses, dealers said. Buying in non-high tech stocks appeared visible in the late trading session, while momentum in the bellwether electronics sector seen a session earlier faded to some extent amid lingering concerns over a deal between Hon Hai Precision Industry Co. and Sharp Corp. after the Taiwanese firm put the acquisition on hold, they said.
The weighted index on the Taiwan Stock Exchange closed up 45.30 points, or 0.54 percent, at 8,411.16, after moving between 8,347.80 and 8,432.74, on turnover of NT$81.61 billion (US$2.46 billion).
The market opened up 0.16 percent and rose to the day’s high in the wake of a higher Wall Street, where the Dow Jones Industrial Average closed up 1.29 percent and the S&P 500 index ended up 1.13 percent overnight, dealers said. But, with the local index breaching 8,400 points, selling emerged, especially of Hon Hai and its subsidiaries, to push down the broader market before some bargain hunters turned active to pick up select old economy and financial stocks and vault the index back the 8,400 level by the close, they said. [FULL STORY]