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Taipei shares close down 1.12 percent

Taipei shares close down 1.12 percent

Taiwan share prices closed down 1.12 percent yesterday as investors took profits from gains posted last week, dealers said.
The weighted index fell 72.41 points to 6,391.15 on turnover of NT$89.98 billion (US$2.73 billion).
Losers led gainers by 1,450 to 659 with 136 stocks unchanged.
The market opened 0.76 percent up on extended buying from last week and vaulted past the 6,500 point mark, dealers said.
However, profit taking immediately followed as selling focused on large cap electronic stocks, while the financial sector outperformed the broader market on hopes for better business ties with China, they said.
"Resistance at around 6,500 points appeared strong. If the market repeatedly fails to overcome the technical hurdles, it is possible for the index to fall further on sour sentiment," Grand Cathay Securities analyst Allen Lin said.
Lin said investors rushed to cut their holdings in electronic stocks, in particular high priced ones.
"Investors are concerned over whether the sector will continue to receive large orders in the third quarter as it did earlier this year," Lin said.
Among microchip designers, PixArt Imaging fell 6.88 percent to NT$223.50 and MediaTek lost 2.44 percent to NT$380.50. Hon Hai Precision, which produces a wide range of electronic goods, shed 2.35 percent to NT$99.60.


Updated : 2021-04-13 22:54 GMT+08:00