TAIEX climbs as concern over US rate hike easesStaff writer, with CNALocal shares moved sharply higher yesterday as buying emerged after US Federal Reserve Chair Jerome Powell struck a dovish tone on monetary policy at the annual symposium in Jackson Hole, Wyoming, on Friday. While interest was seen almost across the board, late-session buying was more apparent in the financial sector and the bellwether electronics sector, pushing the TAIEX to end up 186.59 points, or 1.08 percent, at 17,396.52. Turnover was NT$269.49 billion (US$9.69 billion), with foreign institutional investors buying a net NT$21.23 billion of shares on the main board, Taiwan Stock Exchange data showed. Dealers said the electronics sector also drove the TAIEX higher, with the sub-index rising 1.08 percent on late-session buying. “Despite the gains on the TAIEX, turnover remained below the NT$300 billion mark, indicating that many investors stayed on the sidelines,” Tsai said.

Source: Taipei Times August 30, 2021 15:56 UTC