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Taiwan shares close marginally down in thin trade

Taiwan shares close marginally down in thin trade

Taipei, Jan. 21 (CNA) Taiwan share prices closed marginally down Monday on thin turnover in consolidation mode after a surge during the previous trading day. Shares on the Taiwan Stock Exchange fell to a low of 7,674.18 points during trading session but were boosted by a rise in financial, optoelectronics and automobile shares to reach a high of 7,739.37. The broader index closed down 7.95 points or 0.1 percent at 7,724.92, on turnover of NT$53.13 billion (US$1.83 billion), following a 116-point surge Jan. 18, when turnover reached nearly NT$70 billion. Optimism over Hotai Motor Co., the Taiwanese agent for Japan's Toyota Motors, and Yulon Nissan Motors led automobile shares to close up 2.52 percent. Hotai shares closed up 3.96 percent at NT$236, while Yulon Nissan shares rose 3.81 percent to close at NT$245. Financial stocks rebounded to close up 0.1 percent in late trading, in light of a meeting among securities trading regulators from Taiwan and China scheduled for later this month, during which the amount and channels of cross-Taiwan Strait securities investment could be increased. In the other seven major sectors of the market, cement shares lost 0.2 percent and the foodstuff sector closed down 0.5 percent, while share prices of plastics and chemicals remained unchanged. Textile stocks rose 0.3 percent, machinery and electronics closed down 0.1 percent, paper and pulp gained 0.4 percent, and construction stocks closed down 0.1 percent. In all, 2,183 stocks closed up, 2,363 finished down, and 457 remained unchanged. Ko Meng-tsung, vice president of SinoPac Securities Co., forecast that the Taiex might not see another big surge until after the Lunar New Year unless there are large fund injections or government policies favoring market growth, combined with a trading volume of over NT$80 billion. (By Wei Shu and Jamie Wang)