Two performers wearing traditional Chinese opera costumes and masks, one as the God of Wealth (right) and the other the Boy of Virtuous Fortune, offer good wishes to investors at a stock brokerage in Taipei yesterday, the first trading day after the long Chinese New Year holiday. AFP

TAIPEI: Share prices on the Taiwan Stock Exchange (Taiex) closed 1.58 percent higher yesterday on the first trading day after the lunar new year holiday, with the benchmark index rising 118.20 points to finish at 7,560.04.

Reflecting a rally in world stock markets, the stock market opened at the day's high of 7,619.87 before dropping to a low of 7,553.29.

The strong showing came after US stocks finished higher Friday for a second consecutive week despite the Federal Reserve's raising of discount rates to banks for direct loans by 0.25 percent and a lessening of market fears over sovereign defaults in the euro zone.

An easing in selling pressure prior to the holiday also helped give a boost to the local bourse, analysts said.

A total of 3.19 billion shares changed hands on market turnover of NT$94.44 billion ($2.95 billion).

All eight major stock categories gained ground, with banking and financial stocks the biggest gainers with a rise of 3.9 percent.

Foodstuff issues gained 2.3 percent, while construction issues and cement shares, as well as plastic and chemical stocks, were all up 1.7 percent.

Paper and pulp shares gained 1.4 percent, electronics and machinery issues rose by 0.9 percent and textile stocks increased 0.4 percent.

Gainers outnumbered losers 1,534 to 1,411, with 241 stocks remaining unchanged.

Foreign investors and mainland QDIIs were net buyers of NT$3.43 billion worth of shares.

The Taiex had gained more than 200 points over the final two trading days before the February 14-21 holiday to close at 7,441.

Foreign investors registered 15 consecutive trading sessions for net sales of shares worth NT$150 billion ($6.52 billion) between January 22 and February 10.

China Daily/CNA

(HK Edition 02/23/2010 page4)