Taiwan shares close down but remain above 11,000 points

Taipei, Taiwan shares closed down 20.35 points, or 0.18 percent, at 11,018.45 Thursday, after moving in a narrow range, despite a 248-point dive of the Dow Jones industrial average in the United States.

The Taiwan Stock Exchange's main index opened up 0.8 points at 11,039.6 and moved between 11,008.18 and 11,052.11 before the close, on turnover of NT$110.82 billion (US$4.06 billion).

The electronics subindex fell 0.18 percent, while the financial subindex closed down 0.49 percent.

The showings of large-cap electronics shares were mixed, with shares in contract chipmaker Taiwan Semiconductor Manufacturing Co. (TSMC), the most heavily weighted stock on the local market, dropping 0.78 percent to end at NT$255.00, while Largan Precision Co., a smartphone camera lens supplier to Apple Inc., fell 4.4 percent to close at NT$3,785.00.

IC packaging and testing service provider Advanced Semiconductor Engineering Inc. lost 1.1 percent to close at NT$42.10.

Meanwhile, iPhone assembler Hon Hai Precision Industry Co. ended up 0.1 percent at NT$93.40, while integrated circuit designer MediaTek Inc. rose 1.4 percent to end at NT$318.00.

The performance of the financial sector was relatively weak, with Cathay Financial Holding Co. falling 0.9 percent to end at NT$53.40, while Fubon Financial Holding Co. lost 0.7 percent to close at NT$51.20 and China Trust Financial Holding Co. closed 0.9 percent lower at NT$21.60.

Gainers outnumbered losers 438 to 347, with 129 stocks remaining unchanged.

The market continued to consolidate, as the losses of TSMC and Largan did not drive the main board lower, an analyst at Mega International Investment Services Corp. said, adding that this shows the market will continue to rebound.

Foreign institutional investors sold a net NT$2.06 billion-worth of shares on the main board, according to the Taiwan Stock Exchange.

Despite Thursday's losses, the Taiex remained above the 11,000-point mark. It remains to be seen whether foreign institutional investors will turn selling into buying and whether turnover will expand, according to the analyst.

Source: Focus Taiwan News Channel