Market Opens Higher but Gains Narrow
Taiwan stocks opened higher and moved higher today, opening up 627 points at 43,7百一19 points, hitting an intraday high of 44,489 points, up as much as 1,397 points, retaking the 44,000-point level. Selling pressure emerged after midday, narrowing the gains, with the market closing up 583 points, or 1.35%, at 43,675 points, with turnover reaching NT$916.2 billion. Small and mid-cap stocks rose in tandem, with the OTC index opening up 2.6 points at 338 points, hitting an intraday high of 351 points, closing up 6 points, or 1.99%, at 342 points, with turnover reaching NT$220.8 billion. Taiwan stocks gained a total of 3,973 points this week, up 10.01% for the week, ending a four-week losing streak, with ASIC, robotics and PCB concept stocks rising together.
All Three Major Institutional Investors on Buy Side
In terms of the three major institutional investors, foreign investors ended an 11-session selling streak and turned to net buying of NT$28.8 billion today. Investment trusts continued to add NT$8.2 billion, marking a 24th straight buying session. Proprietary dealers swung from selling to buying in proprietary trading, posting net buying of NT$4.2 billion, while hedge-oriented proprietary trading also swung from selling to buying, adding NT$2.5 billion. Overall, foreign investors, investment trusts and dealers were all on the buy side today, with combined net buying of NT$43.9 billion by the three major institutional investors, with subsequent fund flows becoming a market focus.
Investment Trusts Add Financials in Top Three
Looking further at investment-trust individual stock trading, the top five net buys were CTBC Financial, Fubon Financial, Cathay Financial, Nan Ya Plastics and Evergreen Marine, with financial stocks taking the top three spots as the main targets added by investment trusts today. The top five net sells were UMC, Taishin Shin Kong Financial, KGI Financial, E.SUN Financial and Yuanta Financial. Judging from the lists, although investment trusts continued net buying today, their moves on financial stocks diverged. The top five stocks by trading volume were Taiwan Glass, AUO, Fulltech Fiber, Innolux and Chin-Poon Industrial, while the top five by trading value were TSMC, MediaTek, Taiwan Glass, Nan Ya Plastics and Unimicron.
Heavyweights Diverge as Night Futures Support Market
U.S. stocks closed broadly lower on Thursday, with Nvidia announcing CEO Jensen Huang's resignation and shares falling 4.34%, while the Philadelphia Semiconductor Index fell 0.5%. However, Taiwan stock index night futures rose 548 points, driving Taipei stocks higher at the open. Among heavyweights, TSMC opened up NT$35 at NT$2,375, hit an intraday high of NT$2,390, and closed up NT$10, or 0.43%, at NT$2,350. MediaTek opened at the limit-up price of NT$4,235 in early trading, saw the limit-up open up after midday, and closed up NT$270, or 7.01%, at NT$4,120. Delta Electronics opened up NT$40 at NT$1,280, drifted lower in volatile trading, and finally closed flat at NT$1,240.