Taiwan shares end down 0.19% but remain above 10,800 points

2018/01/11 17:35:36 fontsize-small fontsize-default fontsize-big
Taiwan shares end down 0.19% but remain above 10,800 points

Taipei, Jan. 11 (CNA) Shares in Taiwan moved lower Thursday on a technical correction but remained above the 10,800-point mark, as smartphone lens supplier Largan Precision Co., the most expensive stock in Taiwan's market, continued to slide.

The Taiwan Stock Exchange's main index closed down 21.03 points, or 0.19 percent, at 10,810.06 on turnover of NT$121.18 billion (US$4.09 billion).

The market opened down 6.55 points at 10,824.54 and hit a low low of 10,770.1 until buying emerged, pushing it back up to hit a high of 10,844.08 at one point.

The electronics subindex fell 0.16 percent, while the financial subindex closed down 0.29 percent.

The travel and tourism, steelmaking and foodstuff sectors surged 0.54 percent, 0.33 percent and 0.3 percent, respectively, while the cement and paper and pulp issues lost 2.53 percent and 0.96 percent, respectively.

In the bellwether electronics sector, Largan, a supplier to Apple Inc., opened high but lost steam to end 1.19 percent down at NT$3,730.00 after it had moved sharply lower amid concerns over shipments of the premium iPhone X to close at NT$3,775.00 in the previous session.

The selling in Largan spread to contract chipmaker Taiwan Semiconductor Manufacturing Co. (TSMC), the most heavily weighted stock in the local market, which dropped 0.63 percent to end at NT$235.00.

Financial shares were mixed, with Fubon Financial Holding Co. and China Trust Financial Holding Co. closing unchanged at NT$53.00 and NT$21.70, respectively.

Cathay Financial Holding Co. fell 0.36 percent to close at NT$55.40, while Mega Financial Holding Co. rose 0.2 percent to end at NT$25.40.

Foreign institutional investors sold a net NT$1.14 billion-worth of shares on the main board, according to the Taiwan Stock Exchange (TWSE).

(By Jeffrey Wu and Evelyn Kao)

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