TAIPEI: Taiwan's share prices rose sharply on expanding turnover yesterday as investors' uncertainty surrounding the weekend local elections dissipated.

The weighted index, the market's key barometer, advanced 124.73 points, or 1.63 percent, to close at 7,775.64.

The local bourse opened at the day's low of 7,704.69 before hitting a high of 7,783.20 during the day's trading session.

A total of 4.28 billion shares changed hands on market turnover of NT$134.91 billion ($4.18 billion).

All eight of the major stock categories gained ground, with construction issues moving up the most, at 2.04 percent.

Machinery and electronics shares rose 1.89 percent, paper and pulp issues advanced 1.84 percent, banking and financial shares were up 1.53 percent, textile stocks were 1.31 percent higher, plastics and chemicals ended the day 1.3 percent higher, foodstuff stocks increased 1.0 percent, and cement stocks advanced 0.2 percent.

Gainers outnumbered losers 1,966 to 778, with 185 stocks remaining unchanged.

Foreign institutional investors were net buyers of NT$5.76 billion-worth of shares.

Analysts with the Industrial Bank of Taiwan said that as the market got a strong lift on the first transaction day after the elections, it would hover between 7,500 and 8,000 before edging upward to challenge the 8,000-point mark.

China Daily/CNA

(HK Edition 12/08/2009 page2)