Alexa
  • Directory of Taiwan

Taiwan shares close over 200 points lower

Taiwan shares close over 200 points lower

Taipei, July 27 (CNA) Shares in Taiwan fell sharply 211.18 points, or 2.4 percent, to close at 8,556.68 Monday on turnover of NT$95.64 billion (US$3.04 billion), as Asia's stock markets tumbled following drops in U.S. and European shares.
The weighted index on the Taiwan Stock Exchange (TWSE) opened at 8,722.76 and fluctuated between a high of 8,733.24 and a low of 8,553.09.
The local market at one point experienced a steep drop of 214.77 points, led by large-cap shares, following a dive in U.S. shares overnight as disappointing Chinese industrial production and U.S. property sales data raised the prospect of slower economic growth around the world, dealers said.
The electronics sub-index closed down 2.7 percent, while shares in the financial sector fell 2.3 percent. Among the falling large-cap electronics stocks, Taiwan Semiconductor Manufacturing Co., the most heavily weighted stock in the local market, fell 2.19 percent to close at NT$134.
Largan Precision Co., a smartphone camera lens supplier for Apple Inc., fell 5.21 percent to close at NT$3,090, while IC designer MediaTek Inc. lost 2.6 percent to end at NT$317.5 and Inotera Memories Inc. shed 7 percent to NT$17.15.
Among the losing financial stocks, Fubon Financial Holding Co. fell 1.7 percent to close at NT$58.7 and Cathay Financial Holding Co. lost 1.6 percent to end at NT$50.4.
The Taiex has dropped 14.59 percent after hitting a high at the end of April and is expected to test its 52-week low of 8,501.29 set on Oct. 16, 2014, said Boryi Chien, a manager in the research department of Cathay Securities Co., adding that investors should be particularly cautious about the overall market.
This was the fourth time that Taiwan shares had plunged over 200 points so far this year. (By Esme Jiang, Tien Yu-pin and Evelyn Kao)


Updated : 2021-09-21 17:21 GMT+08:00