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Taipei shares down 1.8 percent

Taipei shares down 1.8 percent

Taiwan share prices closed 1.80 percent lower yesterday as investors took cues from the latest Wall Street plunge amid concerns over a weakening U.S. economy and surging crude oil costs, dealers said.
The weighted index closed 157.39 points at 8,587.96, off a low of 8,514.93 and a high of 8,596.23, on turnover of NT$81.91 billion (US$2.70 billion).
Decliners outnumbered gainers 2,253 to 285 with 174 unchanged.
The transport sector was 2.51 percent lower and among worst performers on rising oil prices, dealers said. Electronics stocks were down 2.20 percent and financials 2.08 percent lower.
But the tourism sector rose 1.07 percent ahead of talks between Taiwan and China on proposals to launch weekend charter flights and allow more Chinese tourists to visit the island.
A lower-than-expected U.S. May jobless rate of 5.5 percent raised worries over a deteriorating economy in the U.S., which is one of Taiwan's major importers, dealers said. However, bargain hunting surfaced to recover some earlier losses as the weighted index opened sharply, they added.
"The trading volume is very thin, showing that many investors are still reluctant to sell, given the already-low valuation of Taiwan shares," Taiwan International Securities trader Cecelia Lu told Dow Jones Newswires.
Yesterday's turnover was the lowest since December 26.
First Hotel rose NT$2.80 to NT$43.30 and International Formosa Hotels added NT$2.00 to NT$730. Yulon Motor was down NT$1.60 at NT$35.80 and China Airlines NT$0.95 lower at NT$14.85. Among hard hit high tech shares, Taiwan Semiconductor Manufacturing Co fell NT$3.10 to NT$65.30 and United Microelectronics Corp shed NT$0.50 to NT$18.10.


Updated : 2021-07-29 07:01 GMT+08:00