Taiwan shares continue to fall

2017/12/07 17:29:26 fontsize-small fontsize-default fontsize-big
Taiwan shares continue to fall

Taipei, Dec. 7 (CNA) Shares in Taiwan continued their downward trend for the third consecutive session Thursday after plunging more than 170 points to close below the 10,400-point mark a day earlier.

The weighted index on the Taiwan Stock Exchange closed down 38.16 points, or 0.37 percent, at 10,355.76 Thursday, after moving between 10,322.76 and 10,418.97. Turnover totaled NT$137.22 billion (US$4.57 billion) during the trading session.

The market opened up 10.5 points at 10,404.42, but selling in the electronics sector emerged late in the session, pushing down the broader market following a fall in U.S. tech stocks overnight.

Among the eight major stock categories, cement shares gained 0.34 percent, while foodstuff stocks rose 0.07 percent and the construction sector closed 0.11 percent up.

The other categories lost ground, with the paper and pulp losing the most, falling 1.34 percent, while the financial sector shed 0.89 percent.

Largan Precision Co., a smartphone camera lens supplier to Apple Inc., gained 0.82 percent to end at NT$4,300.00 after suffering a 9.83 percent decline to end at NT$4,265.00 the previous day in the wake of caution over the company's December sales.

Hon Hai Precision Industry Co., an iPhone and iPad assembler, ended up 0.64 percent at NT$93.60.

Taiwan Semiconductor Manufacturing Co. (TSMC), the most heavily weighted stock on the local market, dropped 0.22 percent to end at NT$226.50, while touch panel maker TPK Holding Inc. fell 5.05 percent to end at NT$84.50.

The market is still in a correction mode after falling below the quarterly moving average of 10,637 and the six-month moving average of 10,543 and is close to the 12-month moving average of 10,145, an analyst with KGI Securities said, adding that the main index has only limited room to fall.

The market's performance will hinge on the three major suppliers to Apple -- Largan, TSMC and Hon Hai -- which account for about 30 percent of the combined market capitalization of the main board, according to the analyst.

According to the Taiwan Stock Exchange (TWSE), foreign institutional investors sold a net NT$6.76 billion-worth of shares on the main board Thursday.

(By Pan Chih-yi and Evelyn Kao)
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