Taipei, Taiwan shares closed down 19.74 points, or 0.18 percent, at 10,845.92 Thursday, after moving in a narrow range, as shares in electronics and semiconductors led the downturn on the broader market.
As investors took their cue from weakness in the U.S. stock market, the weighted index on the Taiwan Stock Exchange, or Taiex, opened down 10.0 points at 10,855.66 and moved between 10,815.46 and 10,889.60 before the close. Turnover totaled NT$116.374 billion (US$3.99 billion).
The electronics subindex fell 0.21 percent, while the financial subindex closed down 0.51 percent.
Biotechnology shares outperformed the broader market, rising 2.06 percent, while the foodstuff, paper and pulp, and textile sectors also gained ground, surging 0.37 percent, 0.27 percent and 0.26 percent, respectively.
The performance of the cement, optoelectronics and automobile sectors was relatively weak, falling 0.89 percent, 0.8 percent and 0.63 percent, respectively.
Affected by the pullback in the U.S. market the previous day that was led by technology shares, almost all the electronics heavyweights in the local market closed lower, with iPhone assembler Hon Hai Precision Industry Co. dropping 0.11 percent to close at NT$90.00.
Taiwan Semiconductor Manufacturing Co. (TSMC), the most heavily weighted stock on the local market, shed 0.41 percent to end at NT$244.00, while shares in Largan Precision Co., a supplier of smartphone camera lenses to Apple Inc., lost 1.49 percent to close at NT$3,315.00.
Companies in the financial sector mostly closed lower, with Fubon Financial Holding Co. losing 0.40 percent to close at NT$50.10, and Cathay Financial Holding Co. falling 1.33 percent to end at NT$51.80.
Mega Financial Holding Co. closed unchanged at NT$25.05, while CTBC Financial Holding Co. fell 0.48 percent to end at NT$20.90.
A Cathay Securities Corp. analyst said that as long as the Taiwan dollar remains stable against the U.S. dollar, the market is expected to be a strong player in Asia.
Foreign institutional investors sold a net NT$12.51 billion-worth of shares on the main board on Thursday, according to the Taiwan Stock Exchange.
Source: Focus Taiwan News Channel