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Taiwan shares end below 6-month moving average of 10,682 points

2018/02/22 16:49:37

Taipei, Feb. 22 (CNA) Shares in Taiwan closed lower Thursday, finishing below the six-month moving average of 10,682 points as investors took their cue from a fall on Wall Street overnight amid rising concerns over a possible interest rate hike in the U.S.

The Taiwan Stock Exchange's main index closed down 52.06 points, or 0.49 percent, at 10,662.38, after moving between 10,620.80 and 10,698.47 on turnover of NT$120.3 billion (US$4.11 billion).

The market opened down 15.97 points Thursday at 10,698.47 and moved to the day's low, with selling sparked by the fall on Wall Street reflecting rate hike fears.

The electronics subindex fell 0.61 percent, while the financial subindex closed down 0.36 percent.

Among other major share categories, the glass, foodstuff, plastics and cement sectors fell furthest at 2.34 percent, 2.23 percent, 1.51 percent, and 1.13 percent, respectively.

In the bellwether electronics sector, shares in Largan Precision Co., a smartphone camera lens supplier to Apple Inc., fell 2.66 percent to close at NT$3,845.00, while contract chipmaker Taiwan Semiconductor Manufacturing Co. (TSMC), the most heavily weighted stock on the local market, dropped 1.24 percent to end at NT$239.50.

iPhone assembler Hon Hai Precision Industry Co., second to TSMC in terms of market value, lost 0.34 percent to end at NT$87.90.

In the financial sector, shares in Fubon Financial Holding Co. lost 0.19 percent to close at NT$51.80, while Cathay Financial Holding Co. rose 0.37 percent to end at NT$54.20, Mega Financial Holding Co. increased 0.20 percent to end at NT$24.75 and China Trust Financial Holding Co. closed 0.47 percent higher at NT$21.20.

Gainers outnumbered losers 508 to 325, with 81 stocks unchanged.

Foreign institutional investors sold a net NT$5.95 billion worth of shares on the main board, according to the Taiwan Stock Exchange (TWSE).

Cathay Securities Corp. said as long as the U.S. stock market remains stable and the Taiwan dollar continues to rise against the U.S. dollar, the market is expected to climb gradually.

(By Jeffrey Wu and Evelyn Kao)