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Taiwan shares end 0.76 percent lower

2018/04/23 16:55:56

Taipei, April 23 (CNA) Led by a slide in electronics shares, Taiwan's stock market fell nearly a percent down on Monday to finish at its lowest level since March 5.

The Taiwan Stock Exchange's benchmark index, the Taiex, closed down 82.25 points, or 0.76 percent, at 10,697.13 to end below the six-month moving average, on turnover of NT$135.448 billion (US$4.6 billion).

Taiwan Semiconductor Manufacturing Corporation (TSMC), the most heavily weighted stock in Taiwan's market, closed 1.09 percent lower at NT$226.50, because of projections of weak iPhone X sales.

Apple is thought to account for about 20 percent of TSMC's sales.

Also affected was iPhone assembler Hon Hai Precision Industry Co., which fell 1.19 percent to close at NT$83.00, and Apple smartphone camera lens supplier Largan Precision Co., which tumbled 4.82 percent to finish at NT$3,255.

Some financial and biotechnology shares became havens for investors who dumped their tech shares, which have also been hurt by a United States ban on U.S. companies selling parts and software to China's ZTE Corporation -- a telecom equipment maker headquartered in Shenzhen -- for seven years.

The financial sub-index rose 0.14 percent, with Mega Financial Holdings gaining 0.39 percent to end at NT$25.80.

But Cathay Financial Holdings closed unchanged at NT$52.50, and Fubon Financial Holdings lost 0.4 percent to NT$50.20.

Cement shares increased 0.46 percent and construction shares gained 0.45 percent, but petrochemical shares were down 0.64 percent.

Losers outnumbered gainers 532 to 267, with 117 remaining unchanged.

Tsai Ming-han (蔡明翰), a manager at Cathay Futures, said Taiwan's stock market will come under increasing pressure if the Taiex is unable to rebound above the six-month moving average in the short term.

The Taiex is expected to move in a range between 10,600 and 10,900 this week, he forecast.

(By Jeffrey Wu, Chao Wei-lan and Flor Wang)