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Taiwan shares close flat, losing 0.03%

2017/10/18 17:47:35

CNA file photo

Taipei, Oct. 18 (CNA) Shares in Taiwan ended almost flat Wednesday on expanded turnover as investors moved to lock in their gains from recent sessions in which the index approached the 10,800-point mark, dealers said.

The weighted index on the Taiwan Stock Exchange closed down 2.87 points, or 0.03 percent, at 10,720.28, after moving between 10,684.32 and 10,790.31. Turnover totaled NT$136.417 billion (US$4.52 billion) during the session.

The market opened up 50.7 points Wednesday at 10,773.85 on follow-through buying from the previous session, at one point testing the record high of 10,798 reached briefly on Tuesday.

However, the weighted index has been facing stiff technical resistance as it moves closer to 10,800 points, dealers said.

On Wednesday, some large-cap electronics shares performed relatively well, with contract chipmaker Taiwan Semiconductor Manufacturing Co. (TSMC, 台積電), the most heavily weighted stock on the local market, rising 0.85 percent to end at NT$237.50.

Hon Hai Precision Industry Co. (鴻海), an iPhone assembler and second only to TSMC in terms of market capitalization, gained 0.90 percent to close at NT$111.50.

Meanwhile, three major solar energy companies that recently announced a merger to form the largest solar cell producer finished mixed. Gintech Energy Corp. (昱晶) closed up 2.58 percent at NT$19.85, while Neo Solar Power Corp. (新日光) dropped 3.8 percent to end at NT$16.45 and Solartech Energy Corp. (昇陽光電) finished 0.43 percent lower at NT$11.65.

Among other solar energy shares, Motech Industries Inc. (茂迪) rose 0.20 percent to end at NT$24.55, while Giga Solar Materials Corp. (碩禾) closed unchanged at NT$285.00.

Boryi Chien (簡伯儀), a manager at Cathay Securities Co. (國泰證券), said the main index is expected to remain bullish if it stays above the 10,650-point mark.

Chien said that an investor conference scheduled by contract chipmaker Taiwan Semiconductor Manufacturing Co. (TSMC, 台積電) for Thursday and the impact of the Chinese Communist Party's 19th National Congress on Taiwan will be two factors affecting the market in the near future.

According to the Taiwan Stock Exchange, foreign institutional investors bought a net NT$3.45 billion-worth of shares on the main board Wednesday.

(By Wei Shu and Evelyn Kao)