Taiwan Market Comments 2010/9/19
FINIs
* 33% of US$4.6bn turnover in 5 names. Narrow
* Bias (Buy – Sell)/(Buy+Sell) was significant in Hon Hai 2317 (selling) AUO 2409 and CMI 3481 (buying). Otherwise tepid – no conviction.
* CHT 2412 continues to see buying again this week, with strong bias 55%. Seeking shelter in the dividend.
ITCs
* Strong buying in HTC 2498 +$58mm vs FINI $35mm. Bias of 90% indicating strong preference.
* Selling of Yang Ming 2609 and Evergreen 2603 with 95% bias. A single fund getting out. Also selling HH 2317 with FINIs
* $1bn trading w/ no significant buying outside HTC. Skittish.
Local Prop
* Bot $30mm HTC 2498, indicating uniform local conviction in this name.
* Small buyers $8mm of HH 2317. Possibly a small pop this week?
* Turnover $1.4bn, 15% in 4 names. Avoiding big bets.
Like the rest of the world, Taiwan institutions are in “risk off” mode, despite the market slowly clicking up.
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