Taiwan shares close lower, remain above 11,000 points
Taipei, Aug. 9 (CNA) Shares in Taiwan closed lower Thursday but remained above the 11,000-point mark, due mainly to falls in electronics and financial stocks.
The weighted index on the Taiwan Stock Exchange, or Taiex, closed down 47.18 points, or 0.43 percent, at 11,028.07, on turnover of NT$124.12 billion (US$4.06 billion).
The market opened down 11.63 points at 11,063.62 and continued to fall, hitting a low of 11,001.96 before closing.
Among all the major stock categories, only the construction sector gained ground, rising 0.06 percent.
In the bellwether electronics sector, contract chipmaker Taiwan Semiconductor Manufacturing Co. (TSMC), the most heavily weighted stock on the local stock market, lost 0.2 percent to close at NT$247.00, while iPhone assembler Hon Hai Precision Industry Co. ended up 0.24 percent at NT$85.20.
Largan Precision Co., a smartphone camera lens supplier to Apple Inc., surged 0.79 percent to close at NT$5,100.00.
Among passive components manufacturers, Yageo Corp. fell 2.96 percent to close at NT$720.00, while Walsin Technology Corp. rose 2.76 percent to end at NT$299.00.
According to the TWSE, foreign institutional investors sold a net NT$727 million-worth of shares on the main board Thursday.
Shawn Hsueh (薛舜日), an analyst with Yuanta Securities Investment Consulting Co., said the market had a mixed reaction in early trade but investor sentiment turned cautious over a credit outlook report released by Taiwan Ratings indicating that if trade tensions between the United States and China escalate, it will put pressure on the ratings of some Taiwanese companies and hurt Taiwan's economy.
The local stock market is expected to remain in a technical correction mode in the short term as the main index hovers around the 11,000-point mark, according to Hsueh.
The movement of foreign capital and a faster pace of interest rate hikes by the U.S. Federal Reserve later this year will be the key indicators in the volatility of the stock market, Hsueh added.
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