Taiwan shares end down ahead of TSMC investor conference

Taipei, April 17 (CNA) Shares in Taiwan extended their losses Thursday from a session earlier, falling more than 120 points, as market sentiment remained cautious ahead of an investor conference scheduled by contract chipmaker Taiwan Semiconductor Manufacturing Co. (TSMC) to start after the market closes, dealers said.

The Taiex, the weighted index on the Taiwan Stock Exchange (TWSE), ended down 129.27 points, or 0.66 percent, at 19,338.73 after moving between 19,196.47 and 19,478.00. Turnover totaled NT$251.14 billion (US$7.72 billion), compared with NT$296.55 billion a session earlier.

"Look at the reduced turnover. Many investors stayed on the sidelines, waiting for TSMC's results and guidance," equity market analyst Andy Hsu said. "After yesterday's (1.96 percent) plunge caused by a fresh round of U.S. sanctions on chip exports to China, the local main board fell into consolidation mode today."

After the market closed, TSMC reported its net profit hit NT$361.56 billion in the January-March period, up 60.4 percent from a year earlier. However, first-quarter net profit fell 3.5 percent from a quarter earlier due to traditional slow season effects. The chipmaker will deliver its guidance at the investor conference.

TSMC, the most heavily weighted local stock, lost 0.94 percent to close at NT$847.00, off a high of NT$856.00. The stock's losses contributed about 65 points to the Taiex's fall and sent the electronics index down 0.64 percent.

"Many investors also appeared cautious about TSMC before the Trump administration announces tariffs on semiconductors," Hsu said.

Among other semiconductor stocks, smartphone IC designer MediaTek Inc. lost 1.87 percent to end at NT$1,340.00, and IC packaging and testing services provider ASE Technology Holding Co. dropped 3.00 percent to close at NT$129.50, while application-specific integrated circuit (ASIC) designer Alchip Technologies Inc. rose 2.07 percent to end at NT$2,215.00.

Also in the tech sector, iPhone assembler and AI server maker Hon Hai Precision Industry Co. shed 1.10 percent to close at NT$134.50, but Quanta Computer Inc., another AI server supplier, gained 1.32 percent to end at NT$230.00.

Stocks outside the tech sector also largely moved in the doldrums amid uncertainties caused by tariff threats by Washington, Hsu said.

In the old economy sector, textile supplier Far Eastern New Century Corp. fell 1.38 percent to close at NT$32.15, and Eclat Textile Co. shed 3.15 percent to end at NT$384.00. In addition, food brand Uni-President Enterprises Corp. dropped 1.56 percent to close at NT$75.60 and Wei Chuan Foods Corp. ended down 0.31 percent at NT$16.25.

With the financial sector down 0.83 percent, Cathay Financial Holding Co. lost 1.64 percent to close at NT$53.90, and Fubon Financial Holding Co. fell 0.62 percent to end at NT$79.60.

"As long as turnover stays low, it will be hard for the Taiex to make a meaningful rebound," Hsu said. "The index could see strong technical resistance ahead of 20,000 points."

According to the TWSE, foreign institutional investors sold a net NT$13.62 billion worth of shares on the main board Thursday.