Shares Jump on Foreign Buying
March 31, 2011
The main index rose 70.08 to 6192.28, following Thursday's 19.47-gain. Trading volume was up sharply to 50.8 billion New Taiwan dollars on a volume of 1.4 billion shares on the session, from the NT$40.1 billion on 1.1 billion shares traded Thursday. Investors are gaining confidence after Thursday's announcement that the government was lifting the ban on foreign investment in the telecommunications and property development markets, analysts said. The previously sluggish construction sector rose 3.8% on the session to lead the market. Investors snapped up small-capital construction issues like Ever Fortune, up NT$2.70 to NT$42.20, and New Asia Construction & Development, up NT$1.30 to NT$20, while Cathay Life's going ex-rights Friday boosted that blue-chip financial issue up NT$8 to NT$165. Winners outperformed losers 235 to 106, while 83 issues were unchanged.
