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Taiwan: Taiwan shares close down 0.81 percent in thin trade

Taiwan: Taiwan shares close down 0.81 percent in thin trade

Taiwan share prices closed down 0.81 percent today in thin trade as investors took profits, eroding early gains despite the strong end of last week on Wall Street, dealers said.
The weighted index fell 67.43 points to 8,176.76, after moving between 8,165.20 and 8,277.78, on turnover of NT$95.85 billion (US$3.11 billion).
The market opened up 0.41 percent and reached the day's high on the back of Wall Street's gains, but pressure emerged to reverse the upside after the index moved near technical resistance at around 8,300 points, dealers said.
A total of 2,713 stocks closed down and 1,053 up, with 273 stocks remaining unchanged.
The construction sector suffered the heaviest selling, down 2.19 percent. Cement stocks lost 1.51 percent, plastics and chemical shares fell 1.2 percent, financials shed 1.14 percent, and paper and pulp stocks closed down 0.9 percent.
The foodstuff sector fell 0.82 percent and the machinery and electronics sector dropped 0.49 percent, while the textile sector rose 0.4 percent.
"The reduced turnover showed many investors preferred to keep cash at the moment, waiting for incentives to trade after recent strong gains, " said Mega Securities analyst Alex Huang, referring to upcoming third quarter corporate earnings reports in the U.S. and in Taiwan.
"Although Wall Street stood above the key 11,000 point level Friday, investors remained cautious about the global economic climate," Huang said. "Rising fears about a major pullback in the U.S. market have discouraged investors here to buy at the moment."
Huang said that the technical hurdles remained high ahead of 8,300 points, adding that the relatively small trading volume recently has made it hard for the market to overcome the barriers.
In the construction sector, Prince Housing lost 3.80 percent to NT$24.05 and Kindom Construction fell 3.18 percent to NT$27.40.
Among high-tech stocks, flat panel maker AU Optronics closed down 1.30 percent at NT$30.30 and rival Chimei Innolux fell 2.43 percent to NT$40.05.


Updated : 2021-10-26 02:05 GMT+08:00