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Taiwan shares close with marginal gains
Central News Agency
2014-02-17 04:51 PM
Taipei, Feb. 17 (CNA) Taiwan share prices ended almost flat Monday but remained above the 8,500 point mark amid relatively slow trading, despite strong performance on the U.S. stock market. The weighted index on the Taiwan Stock Exchange closed up 5.87 points, or 0.06 percent, at 8,519.55, after fluctuating between 8,558.5 and 8,512.6, on turnover of NT$72.33 billion (US$2.39 billion). The market opened up 0.28 percent in the wake of Wall Street gains. The rise, however, was capped toward the end of the session. David Chu, chairman of Hua Nan Securities Co., said the uptrend of the U.S. stock market is likely to push Taiwan shares higher. In light of the strong performance on Wall Street, foreign institutional investors trended toward the buy side after selling NT$90 billion-worth of Taiwan shares in previous sessions, Chu said. However, he said Taiwan share prices have made considerable gains since rebounding from a low of 8,230 points and might come under pressure of a pullback. The foodstuff sector scored the highest gains among the eight major stock categories Monday, finishing up 0.7 percent. Machinery and electronics added 0.3 percent, while paper and pulp was up 0.1 percent. Financials lost 0.3 percent, while textiles, along with plastics and chemicals, dropped 0.2 percent. The cement and construction sectors were down 0.1 percent. Due to a decision by the U.S. International Trade Commission to pursue trade disputes over Chinese and Taiwan solar equipment imports, shares of solar equipment maker Motech Industries were down 6.34 percent, closing at NT$49.45, while those of E-Ton Solar Tech Co. dropped 5.6 percent to finish at NT$16.85. (By Pan Chi-i and Y.F. Low)
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