Taipei, Shares in Taiwan continued an upward trend for the fourth consecutive session Thursday to end above 9,800 points as investors moved in to pick up shares in the bellwether electronics sector.
The weighted index on the Taiwan Stock Exchange (TWSE), or Taiex, closed up 42.61 points, or 0.43 percent, at 9,844.74, after moving between 9,742.61 and 9,869.59. Turnover totaled NT$127.53 billion (US$4.13 billion).
The market opened up 10.07 points at 9,812.20 but soon fell below the 9,800-point mark before buying emerged that was focused on silicon wafer and passive component stocks and shares of Apple suppliers.
The buying was triggered by gains posted in the United States and in other Asian markets.
The financial sector underperformed the broader market after losing steam following a 1.84 percent rise in the previous session.
According to the TWSE, foreign institutional investors bought a net NT$4.09 billion-worth of shares on the main board.
Analysts said Taiwan shares have been on a downward slope since Oct. 2, shedding 1,207 points in the month to below the five-day moving average of 9,635 and the 10-day moving average of 9,712.
The 11 percent fall marked the biggest one-month drop since 2008.
However, the local stock market staged a strong rebound this week to see turnover increase to nearly NT$130 billion for two consecutive sessions Wednesday and Thursday, showing that investors have begun to calm down and hunt for bargains, according to the analysts.
On Wednesday, the Taiex closed up 276.02 points, or 2.90 percent, at the day's high of 9,802.13, setting a three-year record for a one-day gain.
Source: Focus Taiwan News Channel