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Taiwan shares end almost flat, remain below 10,700 points

2017/11/14 19:38:05

Taipei, Nov. 14 (CNA) Taiwan shares closed marginally higher Tuesday but still failed to stay above 10,700 points as the bellwether electronics sector posted early gains but lost steam in afternoon trading.

The Taiwan Stock Exchange main index closed up 3.26 points, or 0.03 percent, at 10,687.18, after moving between 10,659.29 and 10,742.61. Turnover totaled NT$123.96 billion (US$4.12 billion) during the session.

The market opened up 32.67 points Tuesday at 10,716.59 after MSCI Inc., a global index provider, announced earlier that day it has increased Taiwan's weighting from 11.71 percent to 11.79 percent in its indexes after a semi-annual review.

However, with the sluggish performance of the electronics sector, the market lost much of its early gains and ended below the nearest technical support level at about 10,700 points.

Among the falling electronics stocks, shares in Largan Precision Co. (大立光), a smartphone camera lens supplier to Apple Inc., dropped 2.02 percent to end at NT$5,585.00.

Shares in Hon Hai Precision Industry Co. (鴻海), the world's leading contract electronics manufacturer and iPhone assembler, ended 0.93 percent lower at NT$106.00.

Contract chip maker Taiwan Semiconductor Manufacturing Co. (TSMC, 台積電), the most heavily weighted stock on the local market, gained 0.21 percent to end at NT$240.00.

Old-economy shares were mixed, with paper and pulp, plastics and automobile sectors all losing ground, while the financial sector rose slightly but failed to lift the broader market.

Kevin Lin (林成蔭), vice president of investment consultant firm Caizischool Co., said that the weighted index's recent falling streak below the monthly moving average of 10,757 points could be seen as a normal pullback and expects the market to drop toward the quarterly moving average of 10,600 points.

Foreign institutional investors stood on the buy side, buying a net NT$758 million worth of shares on the main board Tuesday, according to the Taiwan Stock Exchange.

(By Wei Shu and Evelyn Kao)
Enditem/AW