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TAIEX closes little changed

TAIEX closes little changed

Taiwan share prices closed little changed yesterday amid on-going probes into money laundering allegations implicating former president Chen Shui-bian and his family, dealers said.
The weighted index fell 6.84 points or 0.10 percent at 6,911.64, off a low of 6,837.25 and a high of 6,994.80, on turnover of NT$78.93 billion (US$2.51 billion).
Decliners outnumbered gainers by 1,405 to 620 with 447 stocks unchanged.
The market opened higher on a technical rebound but profit taking followed to erode gains as investors remained wary of investigations into the money laundering allegations, dealers said.
Moreover, higher crude oil prices have renewed fears about inflation, they said.
"As the market moved higher, investors tended to pocket their money. Today's movements clearly demonstrated weak investor confidence," Taiwan International Securities analyst Arch Shih said.
Shih said the relatively low turnover was also showed poor market sentiment.
However, he said the bright side is that the market seems to have short-term technical support of around 6,800 points.
"The market has entered a consolidation mode. Without trading volume expanding, it is hard for the bourse to get out of the current narrow range," Shih said.
Hon Hai Precision was down 1.54 percent to NT$159.50 and Advanced Semiconductor Engineering 0.43 percent lower at 23.20.
Chi Mei Optoelectronics fell 0.39 percent to NT$25.35 and AU Optronics shed 0.28 percent to 35.90.
Taiwan Semiconductor Manufacturing Co. gained 1.35 percent to 60.20 and United Microelectronics Corp. added 0.39 percent to 12.90.


Updated : 2021-04-23 22:04 GMT+08:00