Tai­wan shares end low, at 9,571.97

The China Post - - TAIWAN BUSINESS -

Shares in Tai­wan trended lower Wed­nes­day as the bell­wether elec­tron­ics sec­tor faced down­ward pres­sure, with in­vestors lock­ing in gains they had built in re­cent ses­sions, deal­ers said.

Tai­wan Semi­con­duc­tor Man­u­fac­tur­ing Co. (TSMC, ) led the down­turn in the high-tech sec­tor as in­vestors were wait­ing for the re­lease of the world’s largest chip maker’s sales re­port for March, the deal­ers said.

In ad­di­tion to sales re­ports from lo­cal elec­tron­ics firms due later this week, in­vestors re­mained cau­tious about the up­com­ing earn­ings sea­son on Wall Street, which could move the U.S. mar­ket and send rip­ples through the global mar­kets, in­clud­ing Tai­wan, they said.

The weighted in­dex on the Tai­wan Stock Ex­change (TWSE) closed down 69.93 points, or 0.72 per­cent, at 9,571.97, af­ter mov­ing be­tween 9,562.00 and 9,654.67 on turnover of NT$91.99 bil­lion (US$2.97 bil­lion).

The mar­ket opened up 0.98 points and rose to the day’s high on fol­low-through buy­ing from a ses­sion ear­lier, but with the in­dex mov- ing closer to the 9,700 point level, sell­ing set in, fo­cus­ing on the elec­tron­ics sec­tor, which pushed down the broader mar­ket into neg­a­tive ter­ri­tory. The weak­ness con­tin­ued into the end of the ses­sion, the deal­ers said.

Sell­ing in High-tech Sec­tor

“Sell­ing in the high-tech sec­tor turned heav­ier in the late ses­sion as in­vestors ap­peared wary of sales re­ports al­ready due,” Mega In­ter­na­tional In­vest­ment Ser­vices Corp. Alex Huang said.

“Mar­ket at­ten­tion also shifted to TSMC, which is sched­uled to re­lease its March sales Fri­day, for a clue about the chip maker’s per­for­mance for the first quar­ter of this year, a slow sea­son for the global semi­con­duc­tor in­dus­try,” Huang said.

TSMC, the most heav­ily weighed stock in the lo­cal mar­ket, fell 2.05 per­cent to close at NT$143.00. The chip maker has fore­cast that its con­sol­i­dated sales will range be­tween NT$221 bil­lion and NT$224 bil­lion, lit­tle changed from the NT$222.52 bil­lion recorded in the fourth quar­ter of last year.

Among other fall­ing high-tech stocks, smart­phone cam­era lens sup­plier Lar­gan Pre­ci­sion Co. (

) lost 2.18 per­cent to close at NT$2,695.00 and con­tract note­book com­puter maker Quanta Com­puter Inc. ( ) shed 1.74 per­cent to end at NT$73.60. But Hon Hai Pre­ci­sion In­dus­try Co. ( ), an iPhone and iPad as­sem­bler, bucked the down­turn, closing up 0.11 per­cent at NT$93.70.

“Judg­ing from the sell­ing suf­fered by th­ese elec­tron­ics blue chips, I sus­pect that for­eign in­sti­tu­tional in­vestors were stand­ing on the sell side as they con­tin­ued to pocket their ear­lier gains,” Huang said.

Ac­cord­ing to the TWSE, for­eign in­sti­tu­tional in­vestors sold a net NT$6.59 bil­lion-worth of lo­cal shares on the main board Wed­nes­day.

Old Eco­nomic Sec­tor

Cer­tain old econ­omy stocks out­per­formed the broader mar­ket, in par­tic­u­lar petro­chem­i­cal stocks, which wit­nessed in­ter­na­tional crude oil prices stag­ing a re­bound overnight.

For­mosa Chem­i­cals & Fiber Corp. ( ) rose 1.64 per­cent to close at NT$74.40 and For­mosa Petro­chem­i­cal Corp. ( ) added 2.13 per­cent to end at NT$72.00.

CNA

Taipei City Mayor Ko Wen-je ( ) speaks at a press event for a pro­posed com­mer­cial dis­trict in Taipei, yes­ter­day. Ten­ta­tively named “Greater Bade Com­mer­cial Dis­trict” ( ), the ven­ture cur­rently in­cludes Huashan 1914 Cre­ative Park ( 1914 ), Na­tional Taipei Uni­ver­sity of Tech­nol­ogy ( ) and Hon Hai af­fil­i­ate Syn­Trend Cre­ative Co. ( ). Ko said the Taipei City Gov­ern­ment en­vi­sions the dis­trict as one-stop cen­ter for the in­no­va­tion and sales of in­for­ma­tion tech­nol­ogy and 3C prod­ucts.

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