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Taiwan shares edge lower

2017/01/11 17:49:37

Taipei, Jan. 11 (CNA) Shares in Taiwan opened higher but closed slightly lower on Wednesday after profit-taking and a 1 percent slide in shares of Taiwan Semiconductor Manufacturing Co. (TSMC), the heaviest weighted stock on the market.

TSMC opened at the day's high of NT$185 after reporting on Tuesday that its fourth quarter sales were the highest of any quarter in the company's history and that its consolidated sales for all of 2016 also hit a record NT$947.94 billion.

But it then fell as profit-taking set in and closed down 1.09 percent on the day at NT$182, dragging down the broader market.

The weighted index on the Taiwan Stock Exchange closed down 3.90 points, or 0.04 percent, at 9,345.75, after moving between 9,384.00 and 9,333.49 on turnover of NT$72.69 billion (US$2.28 billion).

The market was propped up by the performance of smartphone camera lens supplier Largan Precision Co., which opened at NT$4,180 and hit a high of NT$4,230 before closing 0.85 percent higher at NT$4,170.

Contract notebook computer maker Quanta Computer Inc. and contract electronics maker Wistron Corp. also outperformed the market.

Quanta gained 2.44 percent to close at NT$63.00, and Wistron finished 7.44 percent higher at NT$26.70.

Amid signs that steel prices will continue to remain high before the Lunar New Year, China Steel ended 2.04 percent higher at NT$25.05.

With fewer than 10 days to go before the stock market closes for the Lunar New Year holiday, turnover has remained low and a general pattern of domestic institutional investors dumping shares and foreign institutional investors buying them has continued.

During Wednesday's session, foreign institutional investors bought a net NT$3.65 billion in shares.

The global market has adopted a wait-and-see attitude toward a news conference to be held by U.S. President-elect Donald Trump on Wednesday in the United States, while investors in Taiwan will focus on the shareholders meetings of TSMC and Largan on Thursday.

(By Lilian Wu)