STABILITY: One analyst said that while there was volatility during the session, the index held above the five-day moving average, a sign it is still technically healthy

Taipei Times
Date: Jan 05, 2020
By: Staff writer, with CNA and AFP

Local shares on Friday closed slightly higher as investors moved to the sell side to lock in an earlier almost 100-point upturn following re-emerging geopolitical concerns after an Iraqi TV report that a senior Iranian military commander was killed in a US airstrike in Baghdad, dealers said.

Selling focused on select large-cap tech stocks, with contract chipmaker Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) remaining resilient on the back of late trading to lend support to the broader market, they said.

The spike in political tensions in the Middle East pushed up international crude oil prices, leading buying to shift to major petrochemical stocks, which served as an anchor to stabilize the main board, they added.

The TAIEX on Friday ended up 9.95 points, or 0.08 percent, at 12,110.43, gaining 0.2 percent from a close of 12,091.59 on Dec. 27, after moving between 12,023.60 and 12,197.64, on turnover of NT$192.78 billion (US$6.4 billion).    [FULL  STORY]