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Taiwan shares under heavy pressure on profit taking

Taiwan shares under heavy pressure on profit taking

Taipei, Nov. 6 (CNA) Taiwan shares came under heavy pressure in the morning session Friday as investors locked in their gains posted earlier in the week to take advantage of the upturn boosted by hopes of closer ties across the Taiwan Strait, dealers said. Selling focused on large-cap stocks, in particular those in the bellwether electronics sector, to push down the index lower sharply, they said. As of 12:17 p.m., the weighted index on the Taiwan Stock Exchange had fallen 158.49 points, or 1.79 percent, to 8,691.69 points on turnover of NT$77.50 billion (US$2.70). "After a robust performance on Wednesday, investors tended to refrain themselves from buying further for the moment amid fears over the nearest stiff technical resistance ahead of 9,000 points," Hua Nan Securities analyst Henry Miao said. The local main board rose 1.65 percent Wednesday after the Presidential Office announced a day earlier that President Ma Ying-jeou (???) will meet with Chinese President Xi Jinping (???) in Singapore Saturday. Investors have embraced high hopes that the meeting will pave the way for better relations across the Taiwan Strait. The market closed slightly lower Thursday in consolidation mode. "Worries over a possible interest rate hikes by the U.S. Federal Reserve in December also affected market sentiment. So, investors simply took profit," Miao said. Among the falling market heavyweights, Taiwan Semiconductor Manufacturing Co. (???), the most heavily weighted stock in the local market, had lost 2.46 percent to NT$139.00 as of 12:10 p.m. (By Frances Huang)


Updated : 2021-09-26 05:47 GMT+08:00