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Rough day for electronics sector pulls down Taiwan shares (update)

Rough day for electronics sector pulls down Taiwan shares (update)

Taipei, March 16 (CNA) Shares in Taiwan closed lower Monday as foreign institutional investors continued to pull their funds out of large-cap electronics heavyweights. The Taiwan stock exchange's benchmark Taiex index fell 66.44 points, or 0.69 percent, to close at the day's low of 9,512.91 after reaching a high of 9,590.76. Turnover was NT$81.07 billion (US$2.56 billion). The market opened higher following early gains in other Asian markets, but it plunged into negative territory shortly before 9:30 a.m. and continued falling the rest of the session on weakness in the electronics sector. The bellwether electronics sub-index fell 1.06 percent, the biggest decline posted by any sector on Monday. Taiwan Semiconductor Manufacturing Co. (TSMC, ???), the heaviest weighted stock in the market, fell 2.01 percent to close at NT$146.0 while IC design firm MediaTek (???) tumbled 3.57 percent to close at NT$432.0. Foreign institutional investors sold a net NT$9.04 billion in shares, much of it coming in the electronics sector. They were net sellers of nearly 10.7 million TSMC shares and nearly 7.9 million MediaTek shares during the session, according to Taiwan stock exchange data. Julianne Chu (???), the manager of Uni-President Asset Management Co.'s All Weather Fund, said that despite Monday's sell-off, Taiwan's economic fundamentals remain strong and should keep the market trending upward throughout the year. Based on past economic trends, she predicted that the Taiex could reach between 9,900 and 10,000 points in the second half of the year. (By Tien Yu-pin and Elizabeth Hsu)


Updated : 2021-09-19 21:59 GMT+08:00