Taiwan shares end lower

Taipei, Feb. 8 (CNA) Shares in Taiwan closed 23.02 points lower to end at 10,528.52 Thursday, on turnover of NT$119.472 billion (US$4.07 billion).

The weighted index, the key barometer of the broad market, opened 7.9 points higher but remained little changed during most of the trading session after hitting 10,600 at one point, despite noticeable rebounds in Hong Kong, Japan, South Korea and China.

Losers outnumbered gainers 450 to 362, with 100 stocks remaining unchanged.

The bellwether electronics sector performed flat, except for some outstanding shares, while most of the old economy shares continued their rising streak from a day earlier, with financial shares gaining 0.47 percent.

Among the three major Apple concept shares, only Largan Precision Co., a supplier of smartphone camera lenses for Apple Inc., was up, adding 1.92 percent to close at NT$3,725. iPhone assembler Hon Hai Precision Industry Co., second to Taiwan Semiconductor Manufacturing Corporation (TSMC) in terms of market value, fell NT$1 to NT$89, while TSMC slid NT$1.5 to end at NT$238.5.

AU Optronics Corporation and Innolux Corporation, two major panel makers, surged 3.76 percent and 3.05 percent to close at NT$13.8 and NT$13.5, respectively.

Kevin Lin (???), vice president of the investment consultancy firm Caizischool Co., said the local stock market jitters, prompted by the U.S. market, will last for several more days and that it will take time for it to digest selling pressure that has emerged in the run-up to the Lunar New Year holiday, which begins on Feb. 15.

Lin said he expects the market to regain an upward trend after recent volatility. As long as the weighted index holds at around the 10,300-point level after the New Year holiday period, institutional investors are likely to come back to the trading floor, he said. But he cautioned investors to be wary if the weighted index falls below 10,000.

Source: Focus Taiwan