Alexa

Share prices drop on Taipei bourse

Share prices drop on Taipei bourse

Taipei, June 29 (CNA) Taiwan's share prices opened high but closed lower Monday, with the weighted index, the market's key barometer, losing 72.41 points, or 1.12 percent, to close at 6,391.15.
The local bourse opened at 6,512.42 before rising to the day's high of 6,522.13 and falling to the day's low of 6,391.15, ending a three-day rally last week that added about 266 points to the index.
A total of 3.63 billion shares changed hands, with market turnover falling to NT$89.98 billion (US$2.73 billion) , from NT$106.98 billion the previous trading day.
Two of the eight major stock categories gained ground, with foodstuff stocks gaining 2.1 percent, and banking and financial issues rising 0.1 percent.
The other six major stock categories lost ground, with cement shares moving down the most at 2.3 percent. Construction stocks fell 2 percent, plastics and chemicals shares and machinery and electronics issues each lost 1.5 percent, textile issues shed 0.8 percent, and paper and pulp stocks dropped 0.2 percent.
Losers outnumbered gainers 1,450 to 659, with 136 stocks remaining unchanged.
Foreign investors were net sellers of shares worth NT$374 million.
An analyst predicted that there is little room for the Taiex to rise further as investors were becoming more cautious with the market's failure to break through the monthly moving average of 6,500 over the past five trading days.
(By Y.L. Kao)