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Taiwan shares edge 0.35 percent lower

2018/10/19 17:48:46

CNA file photo

Taipei, Oct. 19 (CNA) Helped by Asian stock markets clawing back losses from the previous session and a rising Taiwan Semiconductor Manufacturing Company (TSMC), Taiwan shares minimized their losses Friday, edging 0.35 percent lower on the Taiwan Stock Exchange (TWSE), but ending above the 9,900-point level.

Due to a weakening Chinese yuan, falling Asian markets and a plunge on Wall Street overnight, the TWSE weighted index, the key barometer of the local stock market, opened lower and sank to a low of 9,762.91 at one point before bouncing back to close at 9,919.26.

Turnover expanded to NT$124.415 billion (US$4.04 billion).

Falling shares outnumbered rising stocks 584 to 251, with 77 remaining unchanged.

TSMC, the most heavily weighted stock on the local bourse, slid NT$0.50, or 0.21 percent, to finish at NT$236.

Shares in Largan Precision Co., a Taiwanese supplier of smartphone camera lenses to Apple Inc., regained momentum and moved out of negative territory to end at NT$3,385, up 2.11 percent.

However, passive component stocks, including Yageo Corp., Walsin Technology Corp. and Chilisin Electronics Corp., all lost ground.

With the exception of the food industry, conventional economy shares in the cement, petrochemical, home appliance, textile, glass and automobile sectors also dipped.

With the United States likely to start a new interest rate hike cycle in December, the effects of a bruising trade war between the U.S. and China, and a slumping Chinese stock market, the local stock market is not expected to rebound any time soon, analysts said.

(By Wei Shu and Flor Wang)