Taiwan shares end lower but remain above 9,500 points

Taipei-- Shares in Taiwan closed slightly lower on Wednesday but remained above the 9,500-point mark amid rising liquidity levels after recent net fund inflows from foreign institutional investors.

Despite a strong showing on Wall Street overnight, the Taiwan Stock Exchange's main index opened down 13.79 points at 9,540.77 on Wednesday and moved within only a small range as investors took profits after recent gains.

The market ended the day down 11.31 points, or 0.12 percent, at 9,543.25, having moved between 9,564.07 and 9,505.79 on turnover of NT$106 billion (US$3.41 billion) during the trading session.

Daily turnover remained above NT$100 billion after reaching that level on Feb. 2, the first trading session in the Year of the Rooster after a six-day Lunar New Year holiday, dealers said.

Abundant liquidity and a strong performance from Hon Hai Precision Industry Co. (??), the world's largest contract electronics maker and an assembler of iPhones and iPads for Apple, helped bolster the broad market, although it still failed to close in positive territory as investors took profits after hefty gains since last week, they said.

Hon Hai gained 1.98 percent to close at a day high of NT$87.50.

Several other large-cap electronics stocks performed less well. Shares in Taiwan Semiconductor Manufacturing Co. (TSMC, ???), the most heavily weighted stock on the local market, fell 0.54 percent to end at NT$183.50, while smartphone camera lens supplier Largan Precision Co. (???), the most expensive stock in Taiwan, closed 0.22 percent down at NT$4,470.00.

In the short term, the market rise is expected to continue due to an appreciating New Taiwan dollar and continued inflows of foreign funds, dealers said.

Source: Focus Taiwan News Channel