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Taiex falls below 7,400-point mark on weak economic data

Taiex falls below 7,400-point mark on weak economic data

Taipei, Aug. 28 (CNA) Share prices in Taiwan fell 1.42 percent on Tuesday led by losses among old-economy, electronics and financial shares, with the benchmark index closing below the 7,400-point mark. The local bourse was also dragged down by the latest showing of the government's composite monitoring economic indicators, which indicated an economic slump for the ninth straight month. The weighted benchmark Taiex ranged between a high of 7,445.08 and a low of 7,359.83 before finishing down 106.28 points, or 1.42 percent, at 7,361.94 on turnover of NT$72.63 billion (US$2.42 billion). A total of 1,125 stocks closed up, 3,295 finished down, and 247 remained unchanged. All eight major stock categories on Taiwan's market lost ground, with food shares suffering the steepest fall, shedding 2.4 percent. The machinery and electronics sector lost 1.6 percent, with Hon Hai Precision Industry Inc., the world's largest contract electronics manufacturer, shedding 3.77 percent to NT$84.2 after subsidiary Foxconn International Holdings posted its worst ever first-half loss. Pan-International Industrial Co. lost 3.34 percent to end at NT$28.95, and Taiwanese flat-panel maker Chimei Innolux Corp., a Hon Hai subsidiary, closed down 5.90 percent at NT$9.41. Among other sectors, financial shares lost 1.4 percent, plastics and chemical shares lost 1.3 percent, and textile stocks and the construction sector both fell 1.2 percent. Cement shares lost 0.8 percent and paper and pulp stocks closed down 0.7 percent. Investors were concerned about more bad news coming out as listed companies are expected to release their semi-annual reports this week, dealers said. Yu Jui-ming, chief investment officer of Prudential Financial Securities Investment Trust Enterprise Co. said the local bourse should stay in line with international markets in the short term as regional markets remain in a correction mode. (By Chang Chien-chung and Hanna Liu)


Updated : 2020-12-02 03:23 GMT+08:00