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Taiwan shares close down 0.3 percent in sluggish trade

Taiwan shares close down 0.3 percent in sluggish trade

Taipei, June 18 (CNA) Taiwan share prices closed down 0.30 percent Friday, with the market in consolidation mode. Traders said the shrinking volume means the market is likely to keep moving within a narrow range in the early part of next week.
The weighted index fell 22.67 points to 7,493.11, after moving between 7,459.93 and 7,538.55 during the day's trading. Turnover decreased to NT$66.84 billion (US$2.08 billion) -- the lowest turnover of the week -- compared to NT$$91.94 billion recorded the previous day.
"The turnover was just too low to drive the market higher, " said Benson Huang, an analyst at Taiwan International Securities, adding that the broader market index faced strong resistance at around 7,530.
"The index might need to build a solid base at around 7,400 in the next three to four days before moving higher again," Huang said.
A total of 1,009 stocks closed higher and 1,686 ended the day lower, while 413 remained unchanged.
Of the eight major stock categories, only cement shares gained ground, advancing 0.2 percent.
Plastics and chemicals, as well as the paper and pulp sector, dropped the most at 1.1 percent. Foodstuff shares lost 0.5 percent, while construction shares fell 0.4 percent.
Banking and financial shares were down 0.3 percent, textile stocks fell 0.2 percent and the machinery and electronics sector remained unchanged.
Shares of machine tools were mostly up as machine tools were expected to be added to Taiwan's "early harvest" list under the proposed economic cooperation framework agreement (ECFA) with China.
Good Friend International, a major manufacturer of machine tools, rose NT$1.35, or nearly 6 percent, to close at NT$24.10, making it one of the top-gaining stocks of the day.
Foreign institutional investors and Chinese QDIIs were net buyers of NT$3.7 billion-worth of shares.
(By Fanny Liu)




Updated : 2021-10-24 14:26 GMT+08:00