Taiwan stock market opens higher but ends 0.82% lower

Taipei, April 24 (CNA) Taiwan stocks rose at the opening on Thursday but ended down 160.33 points, or 0.82 percent, closing at 19,478.81 with the market in consolidation mode and sentiment remaining cautious about the impact of U.S. tariffs on Taiwan's semiconductor industry, an analyst said.

The Taiex, the weighted index on the Taiwan Stock Exchange (TWSE), opened up 113.45 points at 19,752.59 Thursday, before moving between 19,433.37 and 19,752.59. Turnover totaled NT$241.12 billion (US$7.41 billion).

The market opened higher and breached the benchmark of 19,700 points but large-cap stocks subsequently led the broader market lower.

Among the major stock categories, the electronics index ended down 1 percent, while the financial, construction and shipping sectors lost 0.61 percent, 0.29 percent and 0.14 percent, respectively. Plastics stocks fell 2.77 percent.

Contract chipmaker Taiwan Semiconductor Manufacturing Co., the most heavily weighted local stock, shed 1.03 percent to close at NT$864.00.

The second largest company in terms of market value, iPhone assembler Hon Hai Precision Industry Co. lost 1.80 percent to close at NT$136.50.

Among other semiconductor stocks, smartphone IC designer MediaTek Inc. lost 2.92 percent to end at NT$1,300.00.

Bucking the downturn, automobiles and auto component stocks moved higher, driven by the news, confirmed by the White House on Wednesday U.S. time, that Trump is considering exemptions for automakers from some tariffs.

Shares in Gordon Auto Parts Co. surged 7.17 percent to end at NT$34.4, while Ho Tao Industrial Mfg. Co. rose 4.15 percent to end at NT$57.70 and TYC Brother Industrial Co. gained 3.56 percent to close at NT$48.00.

The Taiex remains in consolidation mode with the current volatility in the market mainly caused by investor concerns over the impact of U.S. tariffs on chips from Taiwan that could send Taiwan stocks down, Cathay Futures Consultant analyst Tsai Ming-han (蔡明翰) said.

According to the TWSE, foreign institutional investors sold a net NT$6.21 billion worth of shares on the main board Thursday.