Alexa
  • Directory of Taiwan

Taipei shares close down 0.05 percent

Taipei shares close down 0.05 percent

Taiwan share prices closed little changed yesterday on cautious sentiment ahead of resistance at around the psychological 5,000 point mark, dealers said.
The weighted index fell 2.43 points or 0.05 percent to 4,992.63, off a low of 4,876.00 and a high of 5,015.12, on turnover of NT$74.33 billion (US$2.27 billion).
Losers led gainers by 913 to 542 with 350 stocks unchanged.
The market opened lower and its downside extended on profit taking after recent significant gains on optimism towards better cross-Strait ties as Taiwan and China were in talks to expand business interaction.
However, buying in select financial and food stocks resurfaced in late trade to help the market recoup early losses as investors took advantage of their relatively attractive valuations, they said.
Hua Nan Financial rose 1.62 percent to NT$18.80, off a low of NT$17.50, while Chang Hwa Commercial Bank closed unchanged at NT$13.15, off a low of NT$12.25.
Among food shares, Great Wall rose 6.93 percent to NT$23.15 and Uni-President Enterprises rose 2.59 percent to NT$29.75.
"We witnessed volatility in the market today. The market has entered a consolidation mode after a recent strong showing," Grand Cathay Securities analyst Allen Lin said.
Yesterday's market movements showed investors tended to buy on hopes and sell on news, Lin said.
After the market closed Taiwan and China signed agreements on air links, direct shipping relations, postal services and food security.
"I expect the market will move between 4,900 points and 5,100 points in the rest of this week before it breaks the technological hurdles," Lin said.
Tourism and transport stocks faced more selling as investors capitalised on recent gains, dealers said. Ambassador Hotel fell 2.36 percent to N$24.80 and First Hotel shed 4.33 percent to NT$19.90, while China Airlines fell 6.97 percent to NT$7.34.
In the bellwether electronic sector, Taiwan Semiconductor Manufacturing Co. rose 2.13 percent to NT$48.00, while United Microelectronics Corp fell 4.86 percent to NT$9.00.


Updated : 2021-10-23 23:38 GMT+08:00