P.M. BRIEFING : Pulsing Taiwan Market Soars
Taiwan’s stock index broke through the 10,000-point barrier today, fueled by an apparently unstoppable combination of greed, speculation and idle cash.
The weighted index jumped 198.58 points, or 2%, to close at a record 10,105.81 compared with Saturday’s 9,907.23, the previous peak. Trading volume totaled $4.2 billion.
Although brokers agree that the roller-coaster stock market long ago lost touch with economic fundamentals, many expect it will continue to rise. It has already jumped by 107% since Jan. 5, the first trading day this year.
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