Shares edge up to 8,305.03 in con­sol­i­da­tion

The China Post - - BUSINESS -

Shares in Tai­wan closed slightly higher af­ter mov­ing in a nar­row range since a mixed Wall Street failed to pro­vide in­vestors here with a clear in­di­ca­tion to trade, deal­ers said.

Turnover shrank amid lin­ger­ing cau­tious sen­ti­ment to­ward the global econ­omy and such thin trad­ing vol­ume kept many large-cap stocks of the bell­wether elec­tron­ics sec­tor in the dol­drums through­out the ses­sion, they said.

The weighted in­dex on the Tai­wan Stock Ex­change ended up 9.09 points, or 0.1 per­cent, at 8,305.03, af­ter mov­ing be­tween 8,254.23 and 8,320.66, on turnover of NT$73.59 bil­lion (US$2.23 bil­lion).

The mar­ket opened 2.0 points lower and fell to the day’s low as in­vestors locked in their strong gains from the 1.4 per­cent rise seen a ses­sion ear­lier, and the in­dex con­tin­ued mov­ing in con­sol­i­da­tion mode with Tai­wan Semi­con­duc­tor Man­u­fac­tur­ing Co. (TSMC, ), the most heav­ily weighted stock in the mar­ket, suf­fer­ing rel­a­tively heav­ier selling, deal­ers said.

But, some stocks in the op­to­elec­tron­ics sec­tor, in­clud­ing smart­phone cam­era lens sup­plier Lar­gan Pre­ci­sion Co. ( ) con­tin­ued to at­tract bar­gain hun­ters af­ter a re­cent sell-off, lend­ing some sup­port to the broader mar­ket, they said.

“Look at the low turnover. There is no doubt that many in­vestors were re­luc­tant to trade for the mo­ment as they re­mained over­shad­owed by wor­ries over the global econ­omy, in par­tic­u­lar the China econ­omy,” Concord Se­cu­ri­ties an­a­lyst Kerry Huang said.

“China is in its pro­longed Oct. 1 Na­tional Day hol­i­day. Many in­vestors here are sim­ply wait­ing for new China eco­nomic data due af­ter the hol­i­day next week be­fore map­ping out their in­vest­ment strate­gies,” Huang said.

Elec­tron­ics Sec­tor

The bell­wether elec­tron­ics sec­tor closed down 0.02 per­cent and the semi­con­duc­tor sub-in­dex ended down 0.64 per­cent af­ter TSMC, the world’s largest con­tract chip maker, fell 1.12 per­cent to close at NT$132.00 with 25.24 mil­lion shares chang­ing hands af­ter a 2.69 per­cent rise recorded a ses­sion ear­lier.

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