Taipei-- Stocks in Taiwan slid for a second consecutive day Thursday but remained above 9,300 points as the market pulled back after recent strong gains, dealers said.
The market fluctuated between small gains and losses over the course of the day and at one point in the session dropped below the 9,300-point mark.
The weighted index of the Taiwan Stock Exchange closed down 23.85 points, or 0.26 percent, at 9,318.12 after fluctuating between 9,337.64 and 9,287.54 during the trading session. Turnover totaled NT$78.62 billion (US$2.49 billion).
Shares in Largan Precision Co. (???), a smartphone camera lens supplier to Apple Inc., fell 3.37 percent to close at NT$4,295.00 following a 0.11 percent fall overnight on the Dow Jones industrial average -- the benchmark index of blue chip companies -- amid uncertainty over the Donald Trump presidency.
The pullback of Largan shares and the weakness of the financial sector dragged the broader market into negative territory.
However, the market ended above the 9,300-point mark on the back of small and medium-sized companies, the dealers said.
In the electronics sector, Hon Hai Precision Industry Co. (??), an assembler of iPhones and iPads for Apple, rose 0.24 percent to end at NT$83.50.
Taiwan Semiconductor Manufacturing Co. (TSMC, ???), the most heavily weighted stock in the local market, closed down 0.28 percent at NT$180.50.
The performance of the financial sector was relatively weak, with Cathay Financial Holding Co. (???) falling 0.21 percent to end at NT$46.85, while Fubon Financial Holding Co. (???) lost 0.59 percent to close at NT$50.20.
The current downturn on the local main board results from a technical correction after the main index hit a high of 9,430 points recently, said Wei Yung-hsiang (???), a manager at Taishin China Equity Fund (???????).
Investors should remain cautious about the performance of the global stock markets after Trump's Jan. 20 inauguration, Wei said, adding that the market is expected to move within a small range before the exchange shuts down after trading on Jan. 24 for the Lunar New Year holiday.
Source: Focus Taiwan News Channel