UMC Stock Surges as Institutions End Selling Streak

United Microelectronics Corporation (UMC) saw its stock price climb significantly on Friday, marking a turnaround after a prolonged period of selling. The surge was largely propelled by substantial buying activity from major institutional investors, including investment trusts, foreign investors, and proprietary traders.

This buying spree ended UMC's streak of 16 consecutive days of selling by investment trusts. On Friday alone, investment trusts purchased approximately 17,459,000 shares, making UMC their top acquisition. Foreign investors also showed strong confidence, buying over 15 million shares, while proprietary traders added more than 4 million shares. This synchronized buying by the "three major institutions" pushed UMC's stock price to an intraday high of 137.5 NT dollars.

Despite the strong institutional support, some investors took profits at the higher price point. Consequently, UMC closed the trading day at 133.5 NT dollars, still representing a robust 6.8% increase from the previous close. The stock saw a considerable trading volume of 393,600,000 shares, indicating significant market interest.

Other notable stocks that saw strong buying from investment trusts included TSMC, MediaTek, and Quanta Computer. However, UMC's performance stood out due to its significant price jump and the reversal of its prior selling trend.