Taiwan shares end little changed despite tariff concerns

Taipei, March 26 (CNA) Shares in Taiwan closed little changed Wednesday, with many investors staying on the sidelines at a time of lingering concerns over tariff threats from the Trump administration, dealers said.

The Taiex, the Taiwan Stock Exchange's benchmark weighted index, ended down 12.90 points, or 0.06 percent, at 22,260.29 after moving between 22,235.89 and 22,398.12. Turnover totaled NT$214.95 billion (US$6.50 billion), down from NT$256.97 billion a session earlier.

"Look at the reduced turnover. I think many investors just appeared reluctant to chase prices for now before the White House announces its reciprocal tariff police [expected by April 2]," Mega International Investment Services analyst Alex Huang said.

"That's why whenever the index went up, investors just pocketed the gains," Huang said.

Contract chipmaker Taiwan Semiconductor Manufacturing Co. (TSMC), the most heavily weighted stock here, fell 1.01 percent to close at NT$980.00, off a high of NT$995.00. TSMC's fall from the day's high cost the Taiex about 120 points.

"TSMC still faced stiff technical pressure ahead of the NT$1,000 mark," Huang said.

Among other semiconductor stocks, smartphone IC designer MediaTek Inc. dropped 0.66 percent to end at NT$1,515.00, and United Microelectronics Corp., a smaller contract chipmaker, lost 0.67 percent to close at NT$44.55.

Bucking the downturn, IC packaging and testing services provider ASE Technology Holding Co. ended up 0.62 percent at NT$161.50.

"The silver lining was that select tech heavyweights outside the semiconductor industry appeared resilient, capping the overall losses," Huang said.

IPhone assembler and AI server maker Hon Hai Precision Industry Co. rose 0.61 percent to close at NT$166.00. Quanta Computer Inc., another AI server supplier, gained 1.00 percent to end at NT$252.00, and rival Wistron Corp. also added 1.93 percent to close at NT$105.50.

With TSMC weaker, Huang said, buying also rotated to certain non-tech stocks, providing additional support to the Taiex.

Helped by Taiwan Power Co.'s investments to strengthen the resilience of Taiwan's electricity grid networks, Shihlin Electric & Engineering Corp. rose 4.26 percent to close at NT$171.50, and Fortune Electric Co. added 2.13 percent to end at NT$527.00.

Elsewhere in the old economy sector, Asia Cement Corp. gained 1.64 percent to close at NT$46.60, and rival TCC Group Holdings Co. rose 0.76 percent to end at NT$33.05.

In the financial sector, which rose 0.45 percent, Cathay Financial Holding Co. rose 0.62 percent to close at NT$65.40, and Fubon Financial Holding Co. added 0.22 percent to end at NT$89.90.

"The Taiex is expected to continue to move in a narrow range, up and down around the 240-day moving average (of 22,330 points) before the U.S. reciprocal tariff actions are launched," Huang said.

According to the Taiwan Stock Exchange, foreign institutional investors sold a net NT$266.13 million in shares on the market Wednesday.