Focus Taiwan
Date: 2016/09/24
By: Tien Yu-pin and Frances Huang

Taipei, Sept. 24 (CNA) Taiwan’s stock market will likely encounter technical corrections in the near future after a strong showing this past week resulting from aggressive foreign institutional buying, according to fund manager Wei Yung-hsiang (魏永祥).

Wei, who manages the NT$9.8 billion (US$312 million) Taishin China Equity Fund (台新中國通基金) in Taipei, said selling may soon prevail because of worries over a stronger Taiwan dollar, which could hurt the profits of Taiwanese exporters, in particular in the high-tech sector.

In the week following Monday’s return of investors from the four-day Mid-Autumn Festival holiday, the weighted index on the Taiwan Stock Exchange rose 382.32 points, or 4.29 percent.

The market’s weighted index closed at 9,284.62, the highest level since May 3, when it ended at 9,294.12.     [FULL  STORY]