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Taiwan stocks closed at a fresh 40-month high on Tuesday as investor focus shifted away from banks to domestic demand plays in the construction and food sectors, boosted by rising private consumption.
The TAIEX share index ended up 0.53 percent at 6,600.47, the highest close since September 2000 and extending a 13 percent rally since late December.
"Most investors were unwilling to chase highs, but unless foreign funds begin to sell, Taiwan stocks should continue a firming trend," said Richard Tsai, senior vice president at Grand Cathay Securities.
Tsai, however, noted short-term technical resistance at between 6,680 and 6,780.
The construction sector jumped more than four percent on a reviving property market and rising private spending, with BES Engineering up the daily seven percent limit to T$8.35 in active trade.
Shares with large property holdings also attracted buying, with Taiwan Fertiliser up 3.56 percent to T$32.0.
Recent Taiwan dollar appreciation also helped domestic-demand plays in the food and tourism sectors. Wei-chuan Foods was limit up to T$14.90.
Recent red-hot financial stocks were mixed as some encountered profit-taking. Cathay Financial, Taiwan's largest listed financial group, lost 0.79 percent to T$63.0.
Electronics shares showed signs of reviving after remaining quiet for the first weeks of the year, with AU Optronics, the world's third largest display panel manufacturer, gaining 1.99 percent to T$46.10.
On the bearish side, foreign investors sold a net T$2.21 billion (US $66.8 million) in Taiwan stocks on Monday, breaking a six-session net buying streak that totalled T$25.3 billion.
Market turnover was active at T$171.1 billion, flat with the previous session, but far from last Thursday's hectic 26-month high of T$202.7 billion.
The over-the-counter TAISDAQ index added 0.42 percent at 139.63, while February TAIEX futures gained 0.67 percent to close at 6,615.

Copyright Reuters, 2004

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