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Local bourse dragged down by weak textile shares

Local bourse dragged down by weak textile shares

Taipei, May 20 (CNA) Taiwan shares ended a five-day winning streak Tuesday, closing lower on weak turnover and a decline of textile stocks, dealers said. The main weighted index on the Taiwan Stock Exchange closed down 12.11 points, or 0.13 percent, at the day's low of 8,887.79 on turnover of NT$78.22 billion (US$2.59 billion), after reaching a high of 8,930.79. Boryi Chien, an assistant manager in the research department of Cathay Securities Co., said the index is likely to continue in consolidation mode this month, given the lower trading volume and turnover. President Securities Corp. forecast that the benchmark index will hover around 8,800 in the short term, given the declining turnover. Textile stocks, which have been hit by the recent unrest in Vietnam, showed a mixed performance, with the sub-index dropping 1.27 percent -- the steepest among all sectors. Eclat Textile Company, the most expensive stock in the sector, fell 5.59 percent to NT$304. Everest Textile Co. surged by the daily maximum of 7 percent to close at NT$12.10, after the company forecast an increase in orders from Lululemon Athletica Inc. next year following a trial order for its yarn-dyed fabric from the Canada-based sportswear company. Meanwhile, there was buying in electronics stocks on upcoming industry events such as Apple's Worldwide Developers Conference June 2-6 in San Francisco and Computex Taipei June 3-7. Hon Hai Precision Industry Co., the world's largest contract manufacturer of consumer electronics, whose clients include Apple Inc. and Hewlett-Packard Co., rose 0.89 percent to close at NT$90.6. Advanced Semiconductor Engineering Inc., the world's largest semiconductor assembly and testing services provider, gained 3.25 percent to finish at NT$36.5 on a positive outlook on the sector. (By Wei Shu and Kay Liu)


Updated : 2021-03-03 05:14 GMT+08:00