Shares in Taiwan took a beating last Friday, falling more than 470 points, as investors rushed to lock in profits built in recent sessions. When funds rotated out of the tech sector, investors sought targets in select old economy industries to park their money today, such as the petrochemical sector.
Raw material stocks in the petrochemical and steel industries benefited from such rotational buying as their relatively low valuations made them look attractive. After a rebound in international crude oil prices for the second consecutive session on Thursday, the local petrochemical index rose 2.12 percent with Formosa Plastics Corp. up 1.58 percent to close at NT$57.90, and Nan Ya Plastics Corp. up 2.87 percent to end at NT$50.10.
Read the full article on focustaiwan.tw: Taiwan shares plunge below 24,000 points, led by tech stocks
