Taiwan shares finish 2022 at 14,137.69 points, down 22% from Jan. 1
Taiwan shares made moderate gains on the last day of trading of 2022. At one point, the Taiex rose by 160 points, but ultimately it ended up gaining just 52.67 points closing at 14,137. All in all, the index has shed more than 4,000 points since the start of the year, but analysts say a rebound could come in January.
A rally in the U.S. on Thursday gave a surge of vitality to Taiwan shares on Friday. Bellwether stocks TSMC, Mediatek and UMC all made gains, driving the market up. At the highest peak, the index put on 163 points to reach 14,248 points. But with weaker tech trading toward the end of the session, the Taiex closed up 52.67 points at 14,137.69.
Edward Chen
First Capital Management
Today turnover was affected by the holidays, which is why it stayed under NT$200 billion. So when foreign investors go on holiday, the number of day traders tends to be lower, and there is, of course, fewer foreign investors. So currently, it seems that the people holding on to their shares into the New Year are buyers for the longer term.
The analyst offered some insights into what may be to come for Taiwan shares in the first month of 2023.
Edward Chen
First Capital Management
I think the Taiex will first break past the December high of 14,600 points. I think that’s quite likely. Then, if the capital market remains in good shape, and if there are no further significant fluctuations in the U.S., there is a chance that the Taiex could surpass 15,000 points before Jan. 17, before the Lunar New Year.
With COVID, the Russian invasion of Ukraine and rising inflation, Taiwan shares shed 4,081.15 points over the course of 2022, a drop of 22%. That’s the first time the index ends the year lower than the beginning of the year, after three years of gains.
2022-12-30